When I open AE I get the initial warning of "Your disk cache folder is on a drive that does not have enough space to safely tore the full amount specified in your preferences. Please make more space available etc..."
Under the Media and Disk Cache preferences, "Empty Disk Cache" is grayed out, I cannot choose that option. I also have no idea where this data is being save to delete the folder. Any help or basic fundamentals I could learn for this?
Try Edit > Purge > All Memory and Disk Cache.
In your preferences > Media & Disk Cache, it should list the location on the cache folders, right under the "Chose Folder" button. You ideally want this on a fast drive that AE isn't otherwise using for anything else.
Technically, that warning message is just telling you that the drive you've got it set to doesn't have enough space for the amount you've allocated, not necessarily that it's full. That said, if you've got it set to your OS drive or something, you'll certainly run into problems as AE gobbles up all that space (until there's none left).