Go to your
C:\Documents and Settings\NAMEOFUSERACCOUNT\Favourites\
and then copy your Favourites directory to your other drive or wherever you
want it to go.
Please note C:\ is the name of the drive of where you installed your Windows
XP and the "NAMEOFUSERACCOUNT" is whatever your useraccount name is so
substitute your account name to get to your Favourites directory.