By default, the Favorites section in the navigation pane in Windows Explorer contains Desktop, Downloads and Recent Places. Here is how to place a custom folder, drive or Library to the Favorites (previously, Favorite Links) in Windows 7.
Browse to the folder, drive or Library that you want to add to Favorites. Right-click Favorites and click Add Location in Browser to Favorites.
Alternately you can drag the object to the Favorites area in order to create a shortcut there.
To delete a favorite, right-click the favorite, click Delete, and then click Yes. This only deletes the shortcut, not the files or folders that the shortcut points to.