My choice:
NirSoft's HashMyFiles is small utility that allows you to calculate the MD5 and SHA1 hashes of one or more files in your system. You can easily copy the MD5/SHA1 hashes list into the clipboard, or save them into text/html/xml file.

HashMyFiles can also be launched from the context menu of Windows Explorer, and display the MD5/SHA1 hashes of the selected file or folder.

I'm a great fan of NirSoft products, they're pure quality. You may want to check out NirLauncher: a handy launch GUI for all their system utilities. It doesn't stop there however - you can now include the entire Sysinterals Suite as well. All free and all portable ... a 'must have' for techie's toolbox. :)
