I've succesfully removed and refitted SMD microprocessors with over 200 tiny pins, it's all about patience, and practice. Regarding tools all you really need is a decent soldering iron (prefferably temperature controlled), a stand with a wet sponge to keep the tip clean with, some thin solder, a tube of liquid flux, and some appropriate flux-cleaner to wash off the residue afterwards.
For technique I tend to start by accurately lining the IC up onto the PCB pads and then, once I'm certain that the IC is properly aligned onto the land points and is of the correct orientation, I tack each corner down with a blob of solder. I don't worry myself with being neat at this point - as long as the IC is securely tacked down so that it's not going to move from it's perfectly aligned position, I'm happy.
Once the IC is tacked down in place, it's a good idea to double-check yourself that you've fitted it with the correct orientation. You might think you're already certain of this but believe me there's nothing more frustrating than painstakingly soldering in an IC with like 200-pins, sitting down with a cuppa to admire the neatness of your work and then realising with absolute HORROR that you've fitted it the wrong way around and that it's all got to come back off. Double check yourself.
Once you're sure, it's time to get the flux out. I tend to tackle ICs like this one side at a time by laying a slither of solder horizontally across the edges of the pins so that it covers the points where the pins meet the PCB solder points. If you haven't had much practise soldering these types of ICs it's then best to solder each pin one at a time, making sure to use only a little solder at a time and to clean the tip off regularly. If you're confident, it's a lot quicker to gather a small resevoir of solder onto the tip of your iron (you need an angled point for this) and then run the iron down the board at the points where the pins meet the PCB tracks. As long as you're careful not to bend any pins and you're not so rough that there's any risk of damaging the PCB tracks, the solder will flow neatly over all of the pins with the flux taking care of the rest. If you're good at this technique you can finish with some VERY neat results - the guys in work tell me that it's difficult to tell the difference between my finishes and that of a professionaly soldered board other than the fact the solder looks fresh! Sometimes you'll find that the odd couple of pins will get grouped together with solder - just go back and take care of these later.
Once you've done the entire IC, make sure to go back and check each pin individually to make sure it's actually been soldered. It may look like it is, but the only way to tell if it's taken to the board is to aggrevate each individual pin with a sharp tool (I use a dentist-type hook). A good bench magnifier is a good tool to have at this point (infact it's useful during the entire procedeure). I use a Luxo bench magnifiying lamp.
Once you're happy, and assuming you haven't realised with HORROR that you've fitted the IC the wrong way around, clean off the board with your flux cleaner.
Brian