This video shows how the virtual manipulative is used to estimate fractions as decimals and percents.
See the section below for links to the downloads.
And in a pinch you could perform the estimate with some accuracy using just pencil and paper.
You can download the file for the "flipchart" here:
www.prometheanplanet.com/en-us/Resources/Item/90636/fraction-estimator
And if you don't have the software, it can be downloaded here for free:
http://support.prometheanplanet.com/server.php?show=nav.19251
I created a Google Docs version of this as a presentation. It is free, but since the application is not made for this purpose it is less than ideal. See my blog post for complete information:
http://classroomgamesandtech.blogspot.com/2012/05/fraction-estimator-visualizing.html