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Free Fortran Compilers and IDEs
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Free Fortran 95 compiler.
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Open Source Watcom / OpenWatcom Fortran Compiler
The Watcom (now OpenWatcom) Fortran 77 compiler is now available free of charge, complete with source code. This compiler, which generates code for Win32, Windows 3.1 (Win16), OS/2, Netware, MSDOS (16 and 32 bit), etc, was a well-known compiler some years back (until Sybase terminated it).

MinGW'S G77 (GNU Fortran)
This system comes with the GNU G77 Fortran compiler (among other things, including a C/C++ compiler), which you can use to generate Win32 executables from F77 code. Like many systems based on the GNU tools, Mingw32 comes with complete with various programming tools, such as a program maintainence program (ie, make), text processing tools (sed, grep), lexical analyser generator (flex), parser generator (bison), etc.

Lcc-Win32 Fortran Compiler
LCC-Win32 is primarily a free C compiler and its programming environment for Win32, but it also appears to have a Fortran compiler available for download from their website. It apparently compiles Fortran 77 code (with some common extensions) to C which is subsequently compiled by the C compiler to generate a Win32 native executable. The entire process is integrated seamlessly into the IDE so you might not even realise that intemediate C files were being generated (they are deleted automatically when they are no longer needed). The IDE supports syntax highlighting in C and Fortran.

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