glTail is a pretty neat little script (make sure you check out the video on the homepage.. static image doesn't do it justice). It's a ruby script that creates a visual representation of log files.

Install (if you have rubygems) is as easy as:
gem install gl_tail
It requires an older version of net-ssh that you can intsall like this:
gem install net-ssh -v 1.1.4

Configure the gl_tail.yaml file and then just run it straight from your console:
C:\docs> gl_tail

My notes: When configuring the gl_tail.yaml file make sure you use spaces and not tabs because it will mess up if you do.