I've been using SlickRun for over 6 months now, and I don't know how I ever lived without it.
SlickRun is a free floating command line utility for Windows. SlickRun gives you almost instant access to any program or website. SlickRun allows you to create command aliases (known as MagicWords), so C:\Program Files\Outlook Express\msimn.exe becomes MAIL.
Enter a web URL into SlickRun and it will launch your browser and navigate to the specified address. Run multiple programs in a few keystrokes, jot a note, look up a definition... SlickRun is the most natural way to interact with your computer.
Unlike a hotkey program that has limits, with SlickRun you hit the Windows & Q keys and a floating command line, which is totally configurable, comes up. Now all you have to do is type in the first letter of the program you want to run (or more letters, depending on how many programs that start out with the same letters) and it automatically fills in the rest of the name for you, hit enter and your program is ran. You can even configure it to play any sound when a program is ran. (Mine is configured to say "Program loaded and ready")
I gave up all the hotkey programs I have ever used for this. SlickRun will never run out of hotkeys, because there are none, the first to three letters that you type will run the program you want.
And best of all, it's free, Fast and tiny, only 170Kb. The Bayden website has several more freebies, but I haven't checked any of them out.
32 mb memory
2 mb disk space
Find it here:http://www.bayden.com/SlickRun/