...without renaming the same query to save it in a new folder and then deleting it out of the old?

Right click on the query name and choose the folder you want to move it into.  The query name is still in the original folder but once you navigate away then return to that folder it will be gone.  I hear a future upgrade with include a drag and drop feature.  Now if they could just allow folders within folders...

 Cool! Thanks! I'll try it as soon as I can log back into RE.