I tried Fiddler with its reverse proxy ability which is mentioned by @marxidad and it seems to be working fine, since Fiddler is a familiar UI for me and has the ability to show request/responses in various formats (i.e. Raw, XML, Hex), I accept it as an answer to this question. One thing though. I use WCF and I got the following exception with reverse proxy thing:
The message with To 'http://localhost:8000/path/to/service' cannot be processed at the receiver, due to an AddressFilter mismatch at the EndpointDispatcher. Check that the sender and receiver's EndpointAddresses agree
I have figured out (thanks Google, erm.. I mean Live Search :p) that this is because my endpoint addresses on server and client differs by port number. If you get the same exception consult to the following MSDN forum message:
http://forums.microsoft.com/MSDN/ShowPost.aspx?PostID=2302537&SiteID=1
which recommends to use clientVia Endpoint Behavior explained in following MSDN article: