I use two products for my recipe management... The one I use the MOST and can recommend without reservation is called
AccuChef. I like it a lot and it handles my giant recipe collection (over 23600 recipes) extremely well. It's solid, reliable, and has lots of features.
The other software I use -- and really want to like -- is
Living Cookbook. Living Cookbook is a database-based solution (as opposed to AccuChef, which is flat-file). It has many nice features, but does not handle my giant collection very well (though it has improved significantly since previous versions). If you have a smaller recipe collection (and who doesn't?!) than mine, you would do well to consider this program.
Neither are free (and neither are particularly expensive); I've never seen a free recipe managment package that I liked. Both offer trial versions, so check them both out.