Chris has details on the recently released Microsoft Pro Photo Tools that provide extra functionality beyond Windows Live Photo Gallery. The Microsoft Pro Photo Blog provides some more insight on what the tool can do:
Microsoft has released the first version of Microsoft Pro Photo Tools with geotagging today. Microsoft Pro Photo Tools provides a set of tools for photographers to perform various tasks with their images—including RAW captures. Download the current version to quickly geotag your photos, view and edit numerous metadata fields and much more, leveraging the power of Windows, Microsoft Live Local and Microsoft Virtual Earth.