I have just finished a tool called TraceServer (what a terrific name) that allows you to use distributes all you standard .Net Traces for new or existing applications to any remote machines listening for it. The trace distribution includes code source and stack frame information as well.

You can have multiple servers collecting standard .Net traces for one machine, and multiple clients connected to any number of these servers, receiving their traces.

People like me who hate debugging do need that sort of stuff!
The source and a small doc is available here.