There are several formal processes for doing this (Fagan inspection, over the shoulder, tool-assisted, etc.) A developer at MS even came up with a lightweight inspection (url: http://www.stickyminds.com/getfile.asp?ot=XML&id=7152&fn=XDD7152filelistfilename1%2Epdf).
The problem I see with a lot of these processes is that they interrupt your work flow and decrease productivity. I don't want to take an hour out of every other day to go through these reviews, but would it be too much to spend half a day every other week doing these reviews (and what would be the best day for this -- Friday?)
I think it would be great if we could get a discussion going about what others in similar situations have tried and what works and what doesn't?
Thanks all!!