Since a negative number raised to an odd power is negative, we have:
$\left(-\frac{1}{2}\right)^{3} = -\frac{1}{8}$.
Now, we need to raise this result to the power of $-2$:
$\left[-\frac{1}{8}\right]^{-2} = \left(\frac{8}{1}\right)^{2} = 8^2 = \boxed{64}$.
b.
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