I use AutoHotKey to do this and the macro works with NotePad, Excel, Word, textarea fields, WYSIWYG Editors, etc... baseically any programs that allows me to select and edit text. The keyboard shortcut works regardless of any program used. AutoHotKey is portable and I have it running on my USB drive so that I can take my shortcuts with me on-the-go.

Here's the opensource software:
http://www.autohotkey.com/

Here's the script that I use that also includes Title Case and lower quote case (to lowercase text and encapsulate it in quotes):

CUT:
oldclipboard:=ClipboardAll
WinActivate,ahk_id %id%
WinWaitActive,ahk_id %id%,,0
WinGetClass,class,ahk_id %id%
If class In Progman,WorkerW,Explorer,CabinetWClass
Send,{F2}
;Sleep,500
Send,^c
;ClipWait,0
string=%clipboard%
Return

PASTE:
WinActivate,ahk_id %id%
WinWaitActive,ahk_id %id%,,0
If class In Progman,WorkerW,Explorer,CabinetWClass
Send,{F2}
clipboard=%string%
Send,^v
Clipboard:=oldclipboard
oldclipboard=
Return

;Title Case
^!t::
Gosub,CUT
StringLower,string,string,T
Gosub,PASTE
Return

;Upper Case
^!u::
Gosub,CUT
StringUpper,string,string
Gosub,PASTE
Return

;Lower Case
^!l::
Gosub,CUT
StringLower,string,string
Gosub,PASTE
Return

;Lower Case Quote
^q::
Gosub,CUT
StringLower,string,string
string="%string%"
Gosub,PASTE
Return