One of my favorite defaults in some Linux distros is the ability to use CTRL+ALT+T to open a new terminal window. I wanted to enable this same functionality in OS X using Quicksilver. I did this using iTerm 2 but you can do it with the default Terminal if that's what you want.
Create a new custom hotkey trigger. Using the
Homedirectory with the action
Open Directory in Terminal
Set it's hotkey using the drawer to whatever you want.
Set your default
Command Line Interface
iTerm(if that's what you want)
You're done! Now you can easily press your hotkey and pull up a new iTerm/Terminal window whenever and wherever.