You can create hotkeys for the most commonly used programs in Linux by following the steps:
- Launch gconf-editor by typing in a terminal: gconf-editor.
- In gconf-editor choose apps » metacity » global_keybindings.
- In global_keybindings assign keyboard shortcuts.
- Select keybinding_commands (right below global_keybindings in the metacity menu).
- In keybinding_commands assign the custom commands you would like to launch with the keyboard shortcuts you created in step three.
But in Ubuntu 9.04, if Compiz is installed its not working, (See: bug 355018). The solution is too install ccsm package and enable the Commands plugin.
sudo apt-get install compizconfig-settings-manager


