I have found SocketSniff to be very useful for troubleshooting network applications (like web browsers, email clients, etc). It can sniff wireless and loopback traffic without using a proxy or WinPCap. It will show you only the traffic from the executable you select, which is exactly what I need.
I would love to build and extend a similar tool. Does anyone know how this tool works? Is there a simple SDK call to listen in on all TCP traffic from an executable?