Tap the screen with two fingers and you should be able to remove and rearrange bookmarks from the web browser, applications and contact favorites.
I don't htink you can re-arrange the favorites..the only way i can think of is by deleting and re-adding them in order. But, i sparingly use the browser, it isn't a 'heavy-use' browser, simply because it doesn't have any ability to use plugins/add-ons, which makes most websites not fully functional. But, that being said, for not paying data, you get something no other no-data phone gets, a wifi connection for quick checks here and there. Like the saying goes, you get what you paid for...
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