Things get done quicker when you can keep you hands on the keyboard. But launching a program in Windows usually involves clicking on the Start button, Programs, the program group the application is in, then finally the application you wanted. Mac users have Quicksilver for quickly finding and launching applications using the keyboard, but what about Windows?
Enter my latest favorite Windows utility: Launchy. Launchy is to Windows what Quicksilver is to OSX. Once installed, all your applications are just an ALT-Space key combination away. Want to launch firefox? Press ALT-Space, then start typing it’s name. Once Launchy finds it, it displays its name and logo:

Hit the enter key and Firefox is running. Run MS Word? Just ALT-Space, w…o…r… There it is!
Launchy can do more than just launch applications also. Want to open a bookmark you have for boston.com? ALT-Space, b..o…s..t… There it is! Need to do simple math? ALT-Space 5312/331. Pretty neat.
Launcy can be customized to index any directory you like. It defaults to your program files directories but you could tell it to index all .doc files in your My Documents folder. Then you can launch any Word document straight from your keyboard. You can also change the skin or even the hot-key combination for bringing it up.
Launcy is developed by Josh Karlin and is released under the GPL license.