With UCprobe you give the windows application your object file with the debug symbols included. It now knows the memory locations of your variables. You then include some magic code to your C files that needs called periodically. Over Serial, USB or ethernet the windows app will send out requests for certain variables/memeory locations and the C code will return them. You can basically inspect memory without a processor halt.
http://micrium.com/page/products/tools/probe
The windows part allows you to create a custom GUI with guage, text, grids, graphs, etc with the variable data you specify.
It would be nice if the MBED compiler could produce an output file in Elf or IEEE-695 form. I would like to us Micruim's uCprobe tool as a debugging to view variables, etc in real time!