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I dont know about older versions, but 7+ you should be able to go to Bookmarks > Manage Bookmarks, then import from internet explorer or what have you, if you just mean new favourites then click "add to bookmarks"
Ive been using opera for a while now, only use IE for things like windows update. etc.
PS: i have registered version, its not worth the money (only gets rid of an ad banner which isnt even in the way)
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