It's pretty hard to beat this calc:
http://www.1010tires.com/TireSizeCalculator.asp
You can compare 4 tires, gives size, speedometer % difference, visual representation, tires made in that size, OEM tire sizes for vehicles, etc.
But on the fly, I just do the math.
As mentioned it's really simple:
315/75R16
315 is the section width in mm.
315mm/25.4 mm/inch= 12.4".
75 is the aspect ratio, so the sidewall is 75% of the section width.
0.75x12.4"=9.3".
Since obviously you have an upper and a lower sidewall, along with the 16" diameter wheel, you have
9.3"x2+16"=34.6".
So you have a 34.6" tall tire that is 12.4" wide and mounted on a 16" wheel.
Of course these are all just approximations, as each manufacturer will differ slightly.
For example, a BFG AT 315/75R16 is 34.6"x12.2" while the KM2 is 34.8"x12.3". A Nitto Terra Grappler is 34.5"x12.3" while the Trail Grappler is 34.8"x12.8". A Cooper STT is 34.5"x11.9".