What exactly do you mean by 'I have brought a new comp as current one seems to be dying'. It might be possible just to 'revive' your existing pc if you supplied more details as to its imminent demise.
I think Microsoft Outlook is installed by default - to keep existing contact details use your import / export function to save and carry across to a new installation.
Same with your favourites - use the save copy import / export function to copy across any favourites you want to retain or just copy them to a removeable media such as a memory stick or floppy disk.
Again as far as I know back up iTunes media to a cd or dvd and just copy them across. As I don't use iTunes stuff maybe someone else can expand on how you need to do this.
But as I said, first establish why exactly you want to kill of your existing machine a sit may be possible to salvage it.