Alex Papadimoulis has created a plug-in for Visual Studio .NET called Smart Paster. From his description:

I don't know about you guys (and gals), but I often find myself pasting large string literals (SQL queries or dialogs) into code. It started to become quite a hassle to fire up EditPlus, paste, replace line breaks with quote characters, copy, and paste it into Visual Studio. So, I put together an add-in to help with this task and called it Smart Paster.

Download it here.

Update: Alex informs me that version 1.1 is now available.