In SSMS in the Object Explorer, right click on the database, right-click and pick “Tasks” and then “Generate Scripts”.
This will allow you to generate scripts for a single or all tables, and one of the options is “Script Data”. If you set that to TRUE, the wizard will generate a script with INSERT INTO () statement for your data.
If using 2008 R2 or 2012 it is called something else, see screenshot below this one
2008 R2 or later eg 2012
Select “Types of Data to Script” which can be “Data Only”, “Schema and Data” or “Schema Only” – the default).
And then there’s a “SSMS Addin” Package on Codeplex (including source) which promises pretty much the same functionality and a few more (like quick find etc.)
