How do you add a website or a url to "Favorires" and how do you
retrieve it from there?

To add a page to your list of favorite pages

Go to the page that you want to add to your Favorites list. 
On the Favorites menu, click Add to Favorites. 
Type a new name for the page if you want to. 
 Notes

To open one of your favorite pages, on the Favorites menu, click the
page you want to open.
As your list of favorite pages grows, you can organize them by moving
them into subfolders

Click Favorites menu --> Add To Favortes , This action will add the
current page into you "Favorites"

The Favorites directory  C:\Documents and Settings\<Your account name>\Favorites\

This works in Internet Explorer. It adds URL to Favorites programmatically.

javascript:window.external.AddFavorite('http://www.advancedreliablesoftware.com',
'Advanced Reliable Software');

To extract the URL from your Favorites and put it somewhere else,
you go to favorites, then you right-click on the title and select "Proporties".
Then, you look for the URL, which should start with http://.
Highlight it by clicking on the left and dragging your curser.
Then press Ctrl+C.
In the other program, click in spot you want to put it in, and press Ctrl+V.

(This works for most browsers)