For IE, your favorites are just links in a folder in your user directory. Copy that folder to your new comp. End of story. Look around sometime...You'd be surprised what you find.
As for email, if you us Outlook, just go to Import/Export (from the File menu) and do an Export to a PST file. Then, select the folder you want to export, (like your inbox or drafts) save it, then do the same for any other folders you want. Once you have those PST files, just copy them to your new machine, and do the same process only Importing this time instead of Exporting.
Oh, and if you click on "Help" in the menu, and choose "Microsoft Office Outlook Help," this will open the manual for Outlook. This is a wonderful tool for quickly and easily finding answers to these types of questions and more.