Launchy | Review | Program and Document launcher
This is probably the best thing I have found through LifeHacker. This program enables you to bring up a command line using a customizable short-cut key. I choose Windows Key + Space.
The great thing about Launchy that sets it apart from other previously-mentioned program launching apps like Colibri is its configurability. Launchy lets you choose what directories to scan and what filetypes to index, so you have control over how bloated or minimal your indexing gets.
It comes default the ability to launch programs found in your Windows Start menu. Here you will see me attempt to find a Word Program. Even before i finish typing, Launchy has already indexed this and brings it to the top of the list.

Through the directories options, you can specify certain executables to be indexed so that you can find files and programs easier.Here you will see that i have indexed "My Investments" Folder in my "Workspace" directory. I also specify that i only want to index doc, txt and xls files.

Now then, I can use Launchy to quickly access to the documents, excel sheets in my investments folder.

You can also place a short cut of a folder you want to bring to Launchy’s attention, after which you can move quickly to this deep folder that you will access quite often.

If you are a fan of Mozilla Firefox like i am, Launchy indexes your bookmarks as well. This example below show’s me attempting to launch InvestmentMoats through it.

You might have notice that in the figures before, the entries came up even before i finish typing them. I realise that Launchy will prioritize your frequent access first.
It is skinnable and you can specify batch commands as well. Do give it a try and let me know what you think.
LifeHacker Download of the Day Launchy
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