launch terminal UI

Hello to everyone,

I am using Fedora Core 4 and I would like to be able to launch a
terminal window by pressing a single key instead of having to click on
an icon. 

Is there already a key-combination that will give me a terminal window?
BTW, I am not referring to the virtual consoles available via CTRL+ALT

Another thing that I am curious about is how would it be possible to
have this terminal window CD to whatever the directory was showing
already in X. 

For example, if I was in /home/wayne/AUDIO in a certain workspace- I
would like to be able to click on a button and be brought to a prompt
that would say [wayne whatever AUDIO]$ without having to navigate to
that place manually.


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