None that I know or have heard of, but much better than Picasa is Adobe Photoshop Express. At the moment, officially only for the States, but I along with many others in the UK are using it. It will also directly import your images from Picasa, if you so wish.
The reason for shooting in raw is so that you control the development of the image, such as White Balance and Exposure (within limits)
You can also tweak colour saturation, recovery of lost highlights, clarity and vibrance also sharpness and noise reduction. This is not a full list of what you can do in a raw converter.
A lot of these features are found in most editors, but do not perform to the same extent.
Raw files are your equivilent of film negatives and idealy should be saved to a dedicated hard drive or DVD, not stored on a server out in cyber space.