The recently opened Visual Studio Gallery contains some free hidden Microsoft gems, Resource Refactoring Tool is one of them.
Resource Refactoring Tool provides developers an easy way to extract hard coded strings from the code to resource files. It works with C# and VB.Net in all project types that ships with Visual Studio 2005 and 2008.
After installed, in code editor just click a string and select Refactor / Extract to Resource.
A preview window shows changes, finds other instances of the text being replaced in the project, list existing similar resource items to avoid duplicate entries and automatically replaces hard coded string with a reference to the new resource item, nice!
Resource Refactoring Tool Download link: