Bill, Go into Windows Explorer (NOT Internet Explorer) and go to the C:\Documents and Settings\Owner\Favorites folder and open it. Then go to the top Menu Bar and click on "Edit" and choose "Select All", then click "File" and choose "Delete".
Note: Owner would be your name.
Running an HP with all the trimings, with windows XP.
I have hundreds of items on my favorites on my list. I would like to remove them all at oce. One at a time would take forever.