SPTraceView - Lightweight Tool for Monitoring the SharePoint Diagnostic Logging in Real-Time

Very small application, only 65kb zip, great tool for SharePoint diagnostic tracing

Quote:

SPTraceView moniors in real time all SharePoint diagnostic tracing (also called ULS tracing) and can notify you using a balloon-style messages in the tray bar when any information of particular interest to you is sent (traced) by any of the MOSS services and components.

Link: http://hristopavlov.wordpress.com/2008/06/19/sptraceview-lightweight-tool-for-monitoring-the-sharepoint-diagnostic-logging-in-real-time/