DesktopOnTop shows your desktop, no minimizing necessary
If you just want a list, you can right-click on the DesktopOnTop icon in the system tray and get a start-menu lookalike with a list of programs and files on your desktop. But a left click brings up a picture of your desktop. Sort of. The first thing you'll probably notice is that the wallpaper doesn't match yours. If this bothers you, you can either change your desktop wallpaper to match DesktopOnTop (which nobody really expects you to do), or you can select a solid color that looks good with your desktop an adjust the program's transparency level.
DesktopOnTop is highly customizable and light weight. It uses about 8MB of RAM.
[via Freeware Genius]