This also works on Windows 7 and is quite handy.
What I didn’t know is that you can assign keyboard shortcuts to shortcuts.
Just go to properties and press the shortcut you need with the ‘shortcut’ field selected. (it will be something like [Ctrl] + [Shift] + [Letter] or [Ctrl] + [Alt] + [Letter]

Keyboard Shortcut of a Shortcut
Then you can run the shortcut any time it is visble and you press the buttons.
The interesting thing is that the IE favourites are also shortcuts and they seen to be always visible. So I assigned shortcuts to the often visited places and I can start them whereever I am, as long as the shortcut is not handled by the running program. Again, right click the shortcut and go to properties:

Properties of a Favourites Link.
Hope this helps