MM, Found this in the 10.4.8 Help. I don't recall what, if any, differences there may be in 10.4.6, but FWIW:
Using your Favorites folder-
The Favorites folder is a place where you can add aliases for applications, files, folders, and servers so you can access them easily. You can add the Favorites folder to the Finder's sidebar for even more convenient access.
• To find your Favorites folder, open a Finder window. In the sidebar, click your home folder, then open your Library folder. Your Favorites folder is inside.
• Drag the Favorites folder to the sidebar to place it there.
• Drag items to add them to your Favorites folder.
• Double-click items in your Favorites folder to open them.
HTH