Looks like Google has released a downloadable AdWords management tool:

"AdWords Editor is Google's free, downloadable account management application for your computer. Now you can download your AdWords account to your computer, make your changes, then upload your revised campaigns."

Unfortunately, it's in an invite-only Beta stage right now which I have yet to get into so I can't say how well it actually works. However, the screenshots look promising.

http://services.google.com/adwordseditor/started.html