Updating urls in the Favorites Folder

When I switched over to the Mac from Windows, my Favorites folder on the desktop (containing a listing of web sites and their urls) was converted and placed on the desktop of my Mac. In a Windows environment, one can access each of the files and alter the urls, if necessary. How does one accomplish this on the Mac? If I right-click a listing and select Get Info, it does not offer one a means by which to update a url.