So reference paper management is quite important for the academic life. There are of course various tools that help to make the job easier. Here is a few tools i've used or encountered.
Endnote
Endnote is not a bad choice if you write papers using Microsoft word, as it has plugins for MS word. Most online research databases offer the export format that can be imported into Endnote, and you can also enter your owns manually. Notes or comments of the reference paper can also added to keep track of your thinking. It provides a lot of formatting styles to choose when it comes to the last bibliography section, which saves a lot of time for tedious formatting. However, you probably need a few time to play around with it before you master it.Endnote is not free. The good thing is that students at some higher eduction institutes and universities can use it for free as the universities often have a volume license.
JabRef
When I started to use Latex to write the papers, Endnote seemed helpless. Hopefully, JabRef came into my sight after a few search.As most online research databases support BibTex exportation, so populating a JabRef database quite easy and straight forward. It also allows you to add links to the papers, so a single click can open the paper and allows you to have a second read. It offers integration to several tools. When I used WinEdt for the latex paper editing, the integration works quite good.
Zotero
When i came across Zotero, i've already been out of university for a while. So i haven't got a chance to play around it with real research tasks. But from what it says, it seems quite promising. So i've recommended it to my friends who are still doing fun researches in the universities.Other tools
Of course, there are plenty other similar tools for this reference management tasks. You can find the more complete list and the comparison athttp://en.wikipedia.org/wiki/Comparison_of_reference_management_software