Using Fiddler to inspect web-traffic from WP7 Emulator

1. Click Tools > Fiddler Options.
2. Open the Connections tab and put a check in the Allow remote computers to connect box
3. Close the Options dialog
4. In the QuickExec box under the session list, type 
   prefs set fiddler.network.proxy.registrationhostname HostName
   where HostName is the name of your computer