No need to mess with the folders. If Netscape doesn't have an import utility, IE
has an Export utility. From the IE menu, click on File | Export and Export, then
follow the wizard's prompts.
Not sure about Netscape, but you can use the Import and Export Wizard in IE to save the favorites to a Netscape style bookmark file. Here you go for visual aid: http://www.winxptutor.com/favbackup.htm