1) Python script tool (ArcGIS tool): https://my.usgs.gov/confluence/download/attachments/63832489/netcdf.zip?version=4&modificationDate=1315518647390
No installation is needed for this tool. Just open ArcCatalog and locate this tool in ArcMap. In the 'NetCDF File To Raster' window, input the url for .nc file and choose the correct coordinate system. Then select right value for variable and XY dimemsions in their dropdown lists.
2) Envrionmental Data Connector (ArcGIS Extension for Version 10): http://www.asascience.com/software/arcgistools/edc.shtml
After installation, open ArcMap and select 'Extensions' in 'Customize'. Then check 'Environmental Data Connector' extension. The 'EDC' button will appear in the menu bar.