How to import and export the Internet Explorer Favorites .
How to import and export the Internet Explorer Favorites folder to a 32-bit version of Windows
or If you'd rather just save the Favorites folder.
Right click on the Start button, click Explore,go to the Documents and Settings folder, then click on your "username" folder,then right click on your Favorites folder and click Copy then go to another folder or your desktop,and right click and choose paste.
After you reinstall your operating system just go to your Documents and Settings folder, then click on your "username" folder,then copy and paste your saved Favorites folder there.