Keyster is a hotkey application that allows you to bind any hotkey system-wide to applications, files, folders, sounds, and applescripts.
Keyster recognizes hotkeys pressed anywhere! including other applications and from the system. Give the hotkey a specific key combination, including optional command, shift, option, and control keys. Tell your hotkey what you want it to do and whenever that key combination is pressed the hotkey will be recognized and the run application, or open folder, or other action you told Keyster to do will happen.
Keyster can open files for quick access to the files most used, open a specific folder for those places that are browsed to most often, launch your favorite applications and it can even run applescripts.
The power of keyster is literally at your fingertips. The customizable hotkeys and the many types of event handling make Keyster an indispensable companion no matter how you use your computer.
Not bad. I have used Xkeys in the past which is free (http://www.macupdate.com/info.php/id/11127), but Keyster handles the process much more elegantly with a nice simple interface that works pretty well. I cant seem to asign function keys to functions, but regular letters with command-option-control like combinations seem work great.