Ok. You get on My computer from start or desktop.
Then go to "Local Disk (C

".
Now Double Click "Documents and Settings".
Double Click on "owner" or whatever your user name is.
Then Double click "Favorites" Which should have a star beside it.
and all your favorites and favorites folders are right there!
With most things in computing there are many ways of arriving at the
same result.
When you write “Favorites” I take it you mean the links from websites
that you’ve saved in your internet browser, which is probably
Internet Explorer. There is another way of doing this than the one
described above.
If using IE7 (you should upgrade to this if you are still using IE6)
hit the Alt button on your keyboard to display the menu bar. Then hit
File > Import and Export... Follow you nose from here. The process
will export your Favorites as a file which you save somewhere on your
computer, perhaps in My Documents.
Once your Favorites have been exported to a file the saved file can
be viewed by double clicking and subsequently printed. You can email
it to someone, do with it whatever you like. You can use the saved
Favorites file to migrate your saved web pages from one computer to
another, do this by importing, the reverse of exporting. The
Favorites file can also be imported into other internet browsers like
Firefox and Opera.
Have fun and good luck!