A utility with several hotkeys that function dependent on the active window.
There's a brief description here under Home Folder:http://www.favessoft.com/hotkeys.html
I think the one I like the best is Control-NumberPadMinus which
opens a command prompt. If the active window is a program's
window, such as notepad or UsenetExplorer or whatever, the
"current directory" of the command prompt will be the folder
where that app is installed. Otherwise if it's an explorer folder
that is active, that folder will be the "current directory."
The usual disclaimers apply. Free for your use at your own risk
and it's a compiled AutoHotKey exe so av alerts are false positives.