Control Panel/Folder Options/View/Select 'Show Hidden files and Folders' within 'Hidden Files and Folders' folder.
This enables you to see all hidden stuff, you can put this back to original setting afterwards, if you prefer.
Then: C Drive/Documents and Settings/Main User Name (usually your name) and there it is, the yellow star labelled 'favourites' holds all your favourite Internet sites and links.
Just right click on the star, copy and paste to save somewhere.
Then when you reinstall, copy and paste all the contents of your saved folder to the newly created empty folder.
All this, assuming you're using Internet Explorer and your main operating system is installed on C drive.