For those who want to be able to work with Latin texts, but whose Latin is elementary at best, I have been using the free program "Words" by William Whitaker in my recent work on the Vulgate. I have found it to be extremely helpful, accurate, and comprehensive. It provides all the possible parsings/declensions for inflected words and a large list of glosses. It is DOS-based and somewhat primitive, but it works wonders. I highly recommend it!
It can be accessed online here.
Or you can download it for free here.