Microsoft Pro Photo Tools provides a set of tools for photographers allowing them to perform various tasks with their images—including RAW captures. The current version enables you to quickly geotag your photos, edit metadata, and organize your images by leveraging the power of Microsoft Live Local.
New features include:
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Support for reading & writing XMP side car metadata enabling interoperability with Adobe products.
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Viewing actual RAW images, in addition to thumbnails
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Conversion of RAW files to JPEG, TIFF, and HD Photo using “As Shot” camera settings.
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The ability to resize RAW images.
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Support for 64-bit Windows
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Support for geotagging international locales
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Improved functionality for geotagging images.
More info: http://blogs.msdn.com/prophoto/archive/2008/09/17/new-version-of-pro-photo-tools-released.aspx
Download here: http://www.microsoft.com/prophoto/downloads/tools.aspx