So I decided to put some favorites (weapons, spells, shield etc.) Then my brother noticed, that I can have a favorite on my favorites list.

I put Fire Rune (I think) on 1. and Fast Healing on 2; but now I want to remove my Fire Rune and put my Conjuration spell on 1. I don't know, how to get rid of my favorites favorite. Any tips?

(Skyrim is on my Xbox 360, so if anyone knows, how to get rid of it, I would appreciate it.)

See Pg.#7 of your game manual.

Make two weapons your 1 and 2 favorites and drop those weapons. Pick them back up. Tada.

Wait what...?

*re-reads question in OP*

You can make any current favorite to your 1 and 2 favorite in the same way you originally got other stuff into those spots.. Just press left or right on it and it should do it. (hold left or right, not just press).

Ahh, thanks, both of you. Should have read my page manual entirely. And yeah, I only have tried to press left or right, never hold. Thanks again.

"Un-Favorite" them.

What's funny is, after you un-favorite the item, I noticed that it is still hotkeyed.