It's not very well known outside of Redmond, but windbg (provided as part of "Debugging Tools for Windows") is an excellent debugger. Steep learning curve, as the commands are cryptic to the uninitiated, but once you get the hang of it it's great. Visual Studio's debugger is absolute crap by comparison.

As for a replacement for strace: http://technet.microsoft.com/en-us/sysinternals/bb896645