As everybody knows, Simon produced a really useful wse trace viewer: however, I was never able to use it as quckly as I'd like (when you open it you have to navigate to your project via folder dialog, instead of pasting the path: and I have the tendency of building pretty deep folder hierarchies). Fortunately, the tool accept the desired path as command line argument: so it's easy to embed it in the right click menu of Explorer.
Now I'm able to launch WSETrace right on the desired project, just right clicking its folder in explorer and choosing the "WSE Trace Here" menu item :-). FYR, in the following you can see the .reg that installed the entry in my registry. If you want to do something similar beware, playing with the registry is always dangerous (all disclaimers apply).
Windows Registry Editor Version 5.00
@="WSE Trace here"
@="\"C:\\Program Files\\Utils\\wsetrace.exe\" \"%L\""