compute distances between latitude/longitude points

[gzr2mz39]

I have the following fields:
equipment: name of equipment
Lat1: latitude for equipment
Long1: longitude for equipment
location: name of location
Lat2: latitude for location
Long2: longitude for location

There are approximately 500K pieces of equipment and 3K locations.
Can anyone recommend a strategy for finding all the pieces of equipment within 0.5 miles for each of the locations in the dataset?
If needed I can restrict the number of pieces of equipment that are within 0.5 miles for each location (e.g. only find a maximum of 5 pieces of equipment for each location).

[PeterClemmensen]

Use GEODIST function. Please provide sample data if you want a code answer.

http://support.sas.com/documentation/cdl/en/lrdict/64316/HTML/default/viewer.htm#a003113162.htm

[gzr2mz39 · Accepted solution]

The strategy I'm currently using is to divide the datasets into smaller parts and then generate Cartesian Products with PROC SQL. After merging I use geodist to calculate the distances.