steve_83--photolady's idea is the simplest once you find the Favorites folder. And you do not need that program.
Another way is to open the old Favorites folder, click File|Import and Export. Follow directions (Export Favorites) and you will create a file called bookmarks.htm. You now can copy that file to removable media (floppy, CD, etc.), take the media to another PC and use the IE File|Export and Import procedure again. This time you will chose Import Favorites.
The only advantage this procedure has is that the bookmarks.htm file on removable media is easily transported and can be used to access your Favorites on any PC. No installation needed. While you will have no icons, the links are active.