See iKey for X-Keys at Siggraph.
iKey is also able to Open Web Addresses, Create new e-mails, Pause, Display folder hierarchy and show files within the Finder, play Sounds, and execute Applescripts or itself be run by Applescripts.
Keeping track of competitors, industry news, and our search engine ranking is crucial for our company. For this I use Google alerts, an amazing tool in itself. But what is even more amazing is that I have customized iKey to automatically email each relevant Google alert to all our partners. What I used to spend an hour a day doing, is now done all by itself.
I have used iKey to alert me with a variety of sounds depending on the tasks at hand. If I have iChat conference at twelve in my calendar, then iKey will play sound a trumpet, open iChat, and connect me to my bosses.