You can create keyboard shortcuts to
open programs. Opening programs this way is often simpler than opening
them using your mouse or other pointing device.

Lets create a Keyboard shortcut for
IE8. Before you get started, you need to create a simple shortcut for
IE8 on desktop or anywhere else. See the image below.


Now follow these simple steps.

• Locate the IE8 shortcut and right click on it.
  
• Select Properties.
  
• In the Shortcut Properties dialog box, click the Shortcut tab.
  
• Click in the Shortcut key box, press the key on your keyboard that
  you want to use in combination with Ctrl+Alt (keyboard shortcuts
  automatically start with Ctrl+Alt), say Ctrl+Alt+I, and then click OK.
  

Now if you want to open IE8, just press Ctrl+Alt+I.
Source : WinSpark.net