HowTo: Organize Favorites using Windows Explorer
Here's a fun little tip from the "Things I didn't know about my own product " file:
If you want to organize your favorites using a full Windows Explorer instance instead of the far more limited "Organize Favorites" dialog box, hold SHIFT while clicking “Organize Favorites...” in IE's Favorites menu.
https://www.geoffchappell.com/viewer.htm?doc=notes/windows/ie/orgfav.htm&tx=7