Can terminal be launched via keyboard shortcut: CTRL+ALT+T?
Keyboard Maestro

You can do this with Keyboard Maestro, using a macro such as this:



Alfred

You can set up a custom hotkey to launch an app using a workflow:



Go to the workflows tab, create a new workflow and add a hotkey and a 'launch apps' with Terminal selected as the app to launch.

KeyRemap4MacBook

You can use KeyRemap4MacBook with a private.xml such as this:

&lt;?xml version="1.0"?&gt;
&lt;root&gt;
  &lt;vkopenurldef&gt;
    &lt;name&gt;KeyCode::VK_OPEN_URL_Terminal&lt;/name&gt;
    &lt;url&gt;file:///Applications/Utilities/Terminal.app&lt;/url&gt;
  &lt;/vkopenurldef&gt;
  &lt;item&gt;
    &lt;name&gt;Activate Terminal with ⌘Space&lt;/name&gt;
    &lt;identifier&gt;ActivateTerminalWithCmdSpace&lt;/identifier&gt;
    &lt;autogen&gt;
      __KeyToKey__
      KeyCode::SPACE, VK_COMMAND | ModifierFlag::NONE,
      KeyCode::VK_OPEN_URL_Terminal
    &lt;/autogen&gt;
  &lt;/item&gt;
&lt;/root&gt;


Automator Service

You can create a service in Automator:



…then in System Preferences → Keyboard → Shortcuts → Services you can assign a keyboard command to run it.