I wrote scancodeWatcher for my Dell Inspiron 8200. The original tool that was installed, Dell AccessDirect, was not very easy to reconfigure and the first two keys were hardwired to "Dell Support" and "Internet homepage". So I started off to write my own tool.
After launching scancodeWatcher it will add an icon () to the Taskbar Notification Area. Click this icon to bring up the configuration dialog. Here you can assign a program to any keypress (or Alt+<key>). That way scancodeWatcher works with virtually any laptop or desktop "MultiMedia" keyboard.
A screenshot of scancodeWatcher 1.2 in action:
feel free to download a copy of the scancodeWatcher binaries, but consider giving me some feedback so I can further improve scancodeWatcher