One of the most underutilized features of Mac OS X is its Services. Make a selection and instantly whatever you selected can be acted upon by other applications by selecting the action from application menu -> Services -> action/appliction -> action. Right there is the reason it is so neglected by users. By the time you’ve gone up to the menu bar and navigated down to the action you want, you’ve lost most of the time you gained by using the service.
ICeCoffEE, which as of the recently released 1.4.3 version is a Universal Binary, was primarily written so that by command-clicking on text that is a URL, but not a link, will open in your web browser. However, it includes two ways to make Services more accessible. You can put it into the context menu for text, or in the menu bar. With a 12” Powerbook, my menu bar real estate is at a premium. Naturally, I don’t use it there. It’s right at home in my context menu though.
And don’t forget it’s free.