Webuilder and other Blumentals product use a similar -simply - javascript.
If u want a replace this plugin:
1, download location the script http://westciv.com/xray/thexray.js
2, rename xray.js
3, copy/overwrite - before backup old xray.js - your installed program data folder
(eg C:\Program Files\Webuilder2007\data\)
Limitation:
This plugin work only IE preview.
(If use as bookmarklet, work many browser (ff, ie, safari)
Here a screenshot:

Cheers