The BoundsChecker component of Compuware's Devpartner does this very well in terms of dynamic execution. For static testing, I'd recommend pc-lint and flex-lint coupled up to Riverblade's visual lint for usability and reporting. If you have been handed a new code base, I'd recommend starting out with static analysis with reasonably loose rules so you catch just the nasty stuff. As the codebase improves you can tightent the rule set.
If you need to do this on Windows Mobile / Windows CE, check out Entrek's code snitch
Another tool to consider if the code makes it into the field is AQtrace, which basically analyses crashes on user machines and sends you the details. (Just in case all that boundchecking, purifcation, linting, valgrinding etc.. misses something)