Do you mean Favorites as in IE Favorites or the Start menu Favorites folder?
In my Win 7 the path to the Favorites folder is C:\Users\UserName\Favorites\Links where UserName is the name of the account I use to log in to Windows.
If there is nothing listed in your Favorites folder then I fear they have gone, and cannot be recovered.
Do you have a backup?
Using WIN&, IE 9, OFFICE 2007. All of a sudden all of my FAVORITES disapeared. The folders are still there, but empty. I have not altered, added to, deleted or changed anything recently. What caused this and how do I get them back?