Blimey its been a long time since I used AOL however, Have a look on your HDD. Is there a backed up copy of AOL. If there is open it up in Windows Explorer and see your favourites are still in there. If they are open AOL and then open your favourites menu. Click on Svae/Replace then locate your old Favourites and then replace. If they are not there then I think unfortunately you will have lost them unless you are using AOL 8 which, I think are then saved by the AOL system.
If this dosn't happen it may well be worth paying this site a visit. The bloke that runs it (mark) is very helpful and its easier than trying to connect to Tech help or even phoneing AOL.