All you need is :
1. A Windows based machine with an Ethernet adapter
2. An Ethernet cable (a normal patch cord or a crossover cable - both work)
3. A Raspberry Pi Model B
Unlike most of the other methods described online, you do not need to :
1. Use an Ethernet or WiFi router
2. Have a monitor or any display connected to the Raspberry Pi
3. Have a keyboard connected to the Raspberry Pi
4. Edit any files on the Raspberry Pi's SD Card
Here's how to proceed.
1. Download DHCP Server for Windows. It is a 100kB download available here.
2. Go to the IPv4 properties page of the Ethernet adapter and set a fixed IP address, say 192.168.2.1
3. Run the DHCP Server Wizard (downloaded above)
4. Select the Ethernet adapter from the list shown
5. Save the configuration file and start up the DHCP Server
6. Click the 'Continue as tray app' button in the server control panel.
7. Boot up the Raspberry Pi
8. A popup notification shows the IP address assigned by the DHCP server to the Raspberry Pi.
9. Use a SSH client, like PuTTy, to connect to the IP address shown
Voila ! You are connected to your Raspberry Pi.