Yup.....

This is a relatively simple operation and invaluable if anything goes wrong. To back up your favourites using Internet Explorer, go to File > Import and Export. The Import/Export wizard will open and all you need to do is follow the instructions and Export a back up of your favourites to another location on your hard drive or even better, to a second hard drive. The exported folder can then be saved to disk using a software backup program such as nero or the like!
You can import your favourites into Internet Explorer in the same way

For Firefox junkies,
select 'Bookmarks' at the top of the browser, then select 'manage bookmarks' to open the bookmark manager.... now select file>export... choose your location etc etc, and job done!

Thank you

There's also a Firefox extension you can get that will automatically sync your bookmars with del.icou.us (a website that allows you to publicly/privately store your bookmarks):
https://addons.mozilla.org/firefox/1532/