Right-click the item you want to remove.
Sellect "Delete".
Another way:
In Windows explorer, navigate to (assuming default Windows location)
C:\Document and settings\[user name]\Favorites
Locate the favorite(s) you don't want and delete it/them. The "Delete" key on the keyboard works great for that task.
You can sellect several by holding the controll key as you sellect some entries.
If the entries are successives, you can sellect the first, hold the shift key and sellect the last one.
Hit the "Delete" key and it's gone to the recicle bin.
Electro, April 2011