You may want to try the trace module http://drupal.org/project/trace
It will show you what hooks are being called, but perhaps not the arguments to the hooks.
For that, you can get xdebug installed, and use an IDE that supports PHP and xdebug tracing.
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Khalid M. Baheyeldin
2bits.com, Inc.
http://2bits.com
Drupal optimization, development, customization and consulting.