OllyDbg is a Ring3, Win32 debugger.
OllyDbg is a Windows 32-bit assembly level debugger and disassembler created by Oleh Yuschuk. OllyDbg operates in Ring3, or userland, rendering it unable to debug device drivers and kernel components.
It supports user created plugins. Currently version 2 is in development by Oleh.
More information can be gotten from the homepage.