Is there a way to bind items to the number keys in Skyrim?

Question

I'm less than impressed with the favorites menu for quick swapping spells in the middle of a fight. Is there anyway I can bind them to the number pad on the keyboard?

Answer

Press Q to bring up the quick menu. Then, hold down a number key (1 trough 8)
while hovering over a item or spell for a second. Swap between items during 
gameplay by tapping the assigned number key. 

Courtesy of Xenox's answer.

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