Change Ie Favorites Folder?

I need to change the internet Explorer favorites folder on a Windows XP machine. In the past I have used TweekUI. One small problem, I don’t have administrator right on the machine. I figure that there is a registry key that holds this information I just can’t find it. I have Googled on the subject but I only get references to TweekUI. Any suggestions?

Don't you need administrator rights to edit the registry keys? But according to what you said, it seems like it's not necessary. Anyway, I found the registry key at http://ww10.kellys-korner-xp.com/related/xp_favorites.htm?. It's at HKEY CURRENT USER\Software\Microsoft\Windows\CurrentVersion\Explorer\User Shell Folders, and you just need to edit the value of Favorites.

I was wondering the same thing about being able to change the registry without administrator access. I was able to open regedit so I was hopeful. As it turns out I was able to change the registry entry without any problems. Thank you szupie for a great answer.

I know that there is possible to change fav directory on the CurrentUser, though is it possible to do it on a CurrentMachine?

if there is a way to do it, is there any solution, by script or whatever, to save all the favorites from users in a personal folder in a server directory?

Thanks. 

I know it's been a year, but when I change this registry setting it gets overwritten back to the default C:docs & settings location every time I start IE.  Any idea how that is happening?

Thanks