Windows 7 only: Tiny utility Jumplist Launcher does application launching using Windows 7's new Jumplists feature—it's simple, lightweight, and doesn't waste memory.
When you start Jumplist Launcher, you'll be presented with a configuration dialog allowing you to create your Jumplists—you can manually use the controls to add items, but it's probably easier to simply drag and drop shortcuts onto the panel. Once you've completed this process, click the Create Jumplist button, pin the application to your taskbar, and then you can access the list using the right-click menu on the taskbar icon.
The great thing about this application is that it doesn't even need to be running—all of the menu items are still available even when it's closed. There does appear to be a small bug where the top item in the list shows up as a folder icon—but it still works without issues. It's a great little tool worth a look if you want to consolidate some space on your Windows 7 taskbar.