There are a lot of free online dictionaries available but these are three of the best.
- WWWJDIC Best for J->E, useful collection of example sentences (which should be used with care as mistaken entries remain).
- goo辞書 Contains J->E, E->J and J-J dictionaries.
- ALC / 英次郎 on the web J->E and E->J, useful example sentences but does not give readings or furigana.
Rather than try to list every dictionary on the web here is Jim Breen's Online Japanese Dictionaries and Glossaries page. Probably the most complete list available on the web.