There are various approaches, but the most common route to this cache starts at the Mount Margaret trailhead, up a forest road from exit 54 of I-90. Note: You no longer need a pass to park at the trailhead; it's free.
From there, the hike is 2 miles one way with 1,600 feet of elevation gain. Follow the Mount Margaret Trail until you are about 300 feet from the cache, at which point you'll need to bushwhack to the cache location.
This is a moderate mountain hike, so good shoes, water, and other hiking essentials are recommended. Don't forget your camera - weather permitting, you'll have nice views of Mount Rainier and the Snoqualmie Pass area. (And if you go the short distance from the cache to the ridge top, you'll have truly spectacular views.)
This area of the Cascades can have snow well into the summer (often into July), so plan your trip accordingly. Your chances of finding the cache if it's under snow are almost nil, and simply reaching the location without the cache does not qualify as a find. You may want to check Snoqualmie Pass weather and I-90 road conditions to prepare for your trip.
The container is currently a 30cal ammo can, placed about 8 feet from the original location. Credit goes to littleblkdog for the current container (June 2016). The original cache placed in June 2000 by ajroman and his girlfriend Karen was famously a recipe box found at a yard sale for 10 cents.
While you're here, you really should get Mount Margaret and Livin' on the Edge. Both offer breath-taking viewpoints over the area (but are not recommended for acrophobes).
If you use a Garmin or DeLorme GPSr, Northwest Trails could prove helpful.
In Memorium: Eric McDonald (ECM41)
On Aug. 17, 2014, geocacher Eric McDonald (ECM41) was hiking to this cache before the Going APE mega-event, along with his 12yo daughter and best friend Hoovers69, when he had a heart attack. Despite more than an hour of CPR, Eric died on the trail before paramedics could reach him. Our condolences to his wife Carol and daughter KayLynn, his family, and his many friends. A Puyallup resident, Eric was only 43 and in good shape, and was at the Block Party the day before, so this was a huge shock. He will be greatly missed in the Puget Sound caching community.
Page views added Oct. 4, 2012. This cache was placed in June 2000, so this counter doesn't begin to capture all the visitors to this page, but it's still fun to see: