While your program is in the Paused state (if you are Stepping or have hit a Breakpoint) you can view the current local variables and their values.
To bring up the Local Variables window, select Debug -> Debug Windows -> Local Variables from the Main Menu.
Each time you step through your program, the Local Variables window will be refreshed.
TIP: Mouse Over Inspect
You can also inspect the value of a variable (while the program is Paused) by hovering the mouse over the variable you wish to inspect. The value of the variable will be displayed in a tool tip.