You can create keyboard shortcuts in windows
http://www.lytebyte.com/2007/03/13/how-to-create-custom-keyboard-shortcut-to-open-any-application/
you cant really record whatever you want it to do though, jus tmake it run applications...but if you know what you are doign you can do more complex things by making it call a custom batch file (.bat) or your own programmed application
The closest you could get is having a batch file in your C:/windows directory(for example it could be called album.bat)
you can put inside the album.bat file:
explorer C:\Users\YourName\Pictures\%1
but change it so that C:\Users\YourName\Pictures is the directory where your album folders are
To make the bat file you just open up Notepad put in the text, btu when you save it, change the drop down box from .txt to All files then explicitly put the filename as album.bat
Now press Windows key and R to bring up the run command then type:
album AlbumName
and it will open your album in windows explorer
obviously this wont work on anything but windows