I've been playing with this program for the past week or so, and it's really good at what it does.
I use it mainly for forum smileys, but it can also be used for pieces of text that you use often enough to save, such as when writing letters or filling out web page applications.
Basically you save the location of the smiley, or the entire string of text, and give it a name. You can organize your smileys or text pieces into list and folders, and when you want to use one, click on the icon in the taskbar, up comes your list of folder, you navigate to the one you want, and click. It instantly fills in the active window with the text or the URL of the smiley (or graphic or whatever).
Here's the download link:
http://www.phraseexpress.com/