lukeg: I still print out my code to go over with pen in hand sometimes... got in the habit back in the dark ages when I had only occasional access to computers. It seems most helpful in the early stages of a program -- later on I may still read through a program from start to finish, sitting at the computer, but that's more of a way of procrastinating by picking little nits than anything productive.
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If you're a C programmer with some spare time, take a look at the mod_virgule project page and help us with one of the tasks on the ToDo list!