Since the free version of the .Net Reflector that I have will not longer be free from 5/30/2011, I started the hunt on the next available free alternative to .Net Reflector.
ILSpy – This is a open source implementation of the reflector and I suppose it remains free.
It works similar to the .Net Reflector and has the same interface. Instead of the Green colored code, we get a nicely formatted, syntax highlighted code from the ILSpy.
Try it!
Raasukutty's 
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