Flow claims that they are the fastest application launcher in the world. The application will display a keyboard on screen like the picture above with the shortcuts when you press a key combination (default is Alt+Q) and you can just press the key corresponding to the application you need to launch.
The shortcut creation supports drag and drop, selecting from the application list (list of installed applications) etc.
This application costs 29.95$ but just for today you can get this application full version for Free just today (June 16, 2010). To get a free license you can visit Give away of the day here
Download size will be 5.87 MB and this application supports Windows XP/Vista/& and need .NET framework 2.0