BrowserIT is a program that allows you to scan
all your bookmarks and identify which ones are still valid. This
program will display any that point to dead links and offer the
choice to edit or remove your bookmark.
BrowserIT is compatible with Windows XP, Vista and Windows 7 (both 32 and 64-bit OS's supported too). You just need to have .NET Framework 3.5 installed on your PC.
Why
not take a sneak peek at the upcoming version of BrowserIT.
Follow this link.
 One-Click Scanning
Click 'Test My Internet Favorites' button to begin scanning of your links.
Displaying Link status

Edit or delete your bookmarks
Editing a dead-link is a simple button press. Choose to
point to the home website or to remove it completely.
Editing your links

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Screenshots

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