Mute Button - Other Uses?

[IGGUS]

So the mute button is a nice touch, but I find the only time I've ever really used it was when sitting on hold with a CSR for a half hour or using it when I shouldn't in a phone call as I click it incessantly due to ADD or something...

I would love for this button to be like the 'Star' button on the keyboard... assignable and have it open my Navigation program, Opera, something. Is this possible?

Personally I would have paid more for a LED 'Flash' in place of the mute button, but as long as it's there let's do something with this thing!

I have searched for a bit and didn't find anyone mentioning this type of functionality but would be plenty happy seeing a reply with a link to make me look stupid. Anyone?