Network Monitor 3.2 is a protocol analyzer. It allows you to capture network traffic, view and analyze it.
One of the nice features of the Network Monitor, is that the packets are group per process.

Network Monitor 3.2 is available on Microsoft.com. The link is: http://www.microsoft.com/downloads/details.aspx?FamilyID=f4db40af-1e08-4a21-a26b-ec2f4dc4190d&DisplayLang=en.
New features in version 3.2:
- Process Tracking: Now you can identify rogue applications
sending network data! View all the processes on your machine generating
network traffic (process name and PID). Use the conversation tree to
view frames associated with each process.
- Capture engine re-architecture to improve capture rate in
high-speed networks. Network Monitor 3.2 drops significantly fewer
frames that Network Monitor 3.1.
- Find conversations: You asked for this. Many of our
users found conversation tracking to be difficult to use as the view
grew hard to manage, and it was difficult to correlate the frames they
were seeing with the conversation nodes in the tree. Now, you can
quickly isolate frames in the same network conversation. Just
right-click on a frame and select a conversation to track, and you will
see all the frames in that conversation. View TCP streams, HTTP flows
etc.
- Extensive parser set: Parsers for over 300 protocols! As before, the parsers are fully customizable.
- Better parser management: By default only a subset of
parsers are loaded. You can load the full parser set by going to
Tools>Options>Parser and choose Full vs. Stub implementations.
- CodePlex Ready: In the upcoming months, we plan to place
all our Windows parsers on the Microsoft open-source CodePlex site and
allow the community to modify and contribute parsers. You can find out
more information on this here. This version of Network Monitor
seamlessly integrates new parser packages.
- Network Monitor API: Create your own applications that capture, parse and analyze network traffic!
- More extensive documentation of the API and NPL. Access the documentation from Help > NPL and API Documentation.
- PCAP capture file support.
- ContainsBin Plug-in: Search frames for arbitrary byte sequences or strings.
From: http://blogs.technet.com/netmon/archive/2008/09/17/network-monitor-3-2-has-arrived.aspx