STRACE is a socket / SSL tracer that is based on the "detours" utility. The tool has been specificaly designed to generate LOG for Internet Explorer but it can be used with many other applications.

Using STRACE with Internet Explorer is equivalent to use a (non full) debug build of WININET.DLL to generate a WININET LOG. The STRACE LOG contains clear text HTTP traffic (with socket information) and encrypted/decrypted SSL data.

From the STRACE LOG, you can "replay" a full navigation scenario using the HTTPREPLAY tool. This can be useful to reproduce a problem or browse web sites offline.