Very basic tool graphviz does all the layout for you.
Example:
graph g {
node[shape=rectangle]
a--b
}
Draws this:

But there are plenty of other options, shapes, etc, you can try here: http://sandbox.kidstrythisathome.com/erdos/
EDIT: for WISIWIG editor look here: Is there any good IDE or WYSIWYG editor for graphviz?
Looks like http://www.pixelglow.com/graphviz/ is the best option.