Most of Microsoft's Office programs (Word, Excel, etc) have a built in feature called Macros.
You can record a Macro which can be simply a series of repetitive keystrokes or something similar and assign a keyboard shortcut to it.
To access the Macro menu in Word (for example) go to Tools -> Macro -> Record New Macro.
You can read in Word's help a bit more about what you can do with Macros.
In addition to that, there are a couple of Windows Macros and automation utilties (like this one) which you can use to record Macros and assign keyboard shortcuts to them outside of Micorosoft Office applications and apply them to any application in your computer. They are usually based on recording a series of key storkes that will repeat itself whenever you press on the shortcut.
