File Hippo also came out with a great tool called Update Checker which you can use to automatically check for latest version of software that is installed on your computer.

This 100kb program scans your computer for installed software, and then contacts a server to determine if your software is up to date. When it's finished, a window pops up in your web browser showing you a list of programs that you could choose to update with the latest version number along with the version you're running. Amazingly, the whole scanning process doesn't take longer than 2 seconds!