Internet Explorer doesn't support the getSelection() method so you have to do it this way instead :-
javascript:q=document.selection.createRange().text;window.location.href=q;
Also, in Internet Explorer you might find it more convenient to have a button on the Links toolbar rather than using a Favorite:-
- drag any link from the browser window to the Links toolbar
- right click on the button and select Rename to call it something like goto selected
- right click on the button again and select Properties, then paste the javascript:... text into the URL field