You can make a backup of your favorites in case you need to replace them.
Open IE, click file then choose import/export
When the wizard opens click next then choose export favorites
highlight your main favorites folder click next
choose a location for the file or leave it at the default location
click next and your done
Import them later if you need to using the same wizard
I did read that some users with hotmail problems were able to access it with firefox. Give it a try, I did and never went back to IE (except for windows update) Firefox will also import your favorites and stored cookies from IE.
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