I am not sure it exist as I only have a limited experience (advanced beginner) but I couldn't see any tool in Arcgis 10.1 which automatically transform geographic coordinates in a table from DMS to DD which are the ones to used within arcgis.
I know I can do the transformation within the table by creating a new colum and then performing a calculation with the field calculation (this I learned by following chapter 4.2 and pages 135-140 of the book "GIS tutorial for humanitarian assistance"
(the book is excellent but should be update because of the new version of Arcgis 10.1; especially from chapter 5 which is a major topic, namely importing geodatabses and using schema, because at page 161, I discovered there is no more Schema Wizard in version 10.1 and so I am stuck with the instructions. What should I do in order to use SDI and public data? I web search revealed that I should use templates now...but I can't find a good and quick step-by-step tutorial)