Hitting the keys opens the corresponding item, as would a double-click on its icon. AliasKeys is basically as simple as that; it is also extremely easy to set up.
AliasKeys needs Mac OS X 10.4 or better and is fully compatible with 10.5 and 10.6. It is fully optimized for both PowerPC and Intel-powered Macintoshes. Available in English, French and Japanese, AliasKeys is fully unicode-aware and can be used with any international keyboard and localized system version.