I found this LINK Scroll down to MSN favorites export toolkit.
I do not know anything about this site or the process,use at your own risk.
I had to put in a new hard drive and reinstall XP Pro. Once everything was done I clicked on the "butterfly" it askes for my hotmail account, then it says I need to subscribe to use it. I would like to get my saved favorites copied over to IE since I am not going to pay to use MSN. Older XP machines still bring up my favorites. How can I do this? Most of the saved links are for the classes I teach.