Using ULS Viewer
ULSViewer is an application that allows users to open a ULS (Unified Logging Service) log file and display its contents in a user friendly format. This can be particularly useful when troubleshooting problems with your SharePoint 2010 server. The download is a single binary file (487k).
To get started and open the ULS feed in real time Click File –> Open From –> ULS and then click OK to open the default ULS log location
Once some traffic has been generated on the SharePoint server the log entries appear in real time.
I can double click an entry in the log to view more information.
Note: by default SharePoint 2010 stores the log files in C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\LOGS