This is the quickest way to bulk delete IE favorites. I found this on a google search, but haven't tried it out myself as I use Firefox. Firefox Bookmarks are stored in a different location to IE favorites.
Step 1
Open the "Start" menu and select the "Computer" or "My Computer" option. Open the local disk by double-clicking on the C: drive.
Step 2
Click on the "Users" option to view a list of users for your system if you are using Vista. XP users must open the "Documents and Settings" folder before opening the "Users: folder. Double-click on the user whose favorites you wish to delete.
Step 3
Open the "Favorites" folder, which has an icon of a folder with a star. This folder contains favorites for Internet Explorer.
Step 4
Whilst holding down the Ctrl key, select those favorites yyou want to delete within the "Favorites" folder. Whilst still holding down the Ctrl key, right click and select "Delete" from the drop-down menu. selected favorites for Internet Explorer should then be deleted.
- I take no repsonsibility for the above as I haven't tested it, but I think it should be safe enough.