you cannot transfer programs, you must install the programs new on the new laptop. You can however transfer data like pictures, music, documents, etc. the easiest way to do it is to use a usb thumbdrive or external hard disk.
1) The first thing you want to do is verify that you have a restore capabilities for your new laptop. Some laptops come with a restore disk, however more and more laptops require you to make your own restore disks - check the manual. A 2nd safegaurd is to use windows 7 back-up function. it is loacated in the control panel, system and security. This will allow you to create a system image that can be restored very easily.
2) Any of the data files that you have created can be copied to any media - ie Thumbdrive, External HDD (also used to back up your Laptop), or DVDs. and then copied to new laptop.
3) Your favorite folder can be copied over to windows 7.
4) emails - May be a little harder. If you used winXP outlook express you will need to convert to the format of your NEW email client. Windows 7 does NOT in it self have an email client, But most likelly HP included a program such as Windows Live mail, or a 3rd party program. You will need to export and import them - Just google topic.
More on 2 -> 4: SEE Link at bottom for more info.
5) As to programs it is BEST to re-install all programs that you need to transfer to new laptop. However for about $30 there are programs that will transfer your applications from an old computer to a new computer. For example: http://www.laplink.com/pcmover
Not got a good review, But I did use to move a XP -> vista computer, and the from the Vista computer ->windows 7. http://www.newegg.com/Product/Product.aspx?Item=N82E168...
I ONLY recommend this route if You can NOT do a re-instal of the programs you need to transfer.l.