This makes me miss using Maya for computer animation, which has a customizable 'popup' menu call the HOTBOX:...
That's a nice idea. It actually reminds me of a proposal for OpenOffice's new user interface:
The basic concept looked similar to the "Steering Wheel", but would open at the cursor position on a right-click. Then the mouse wheel would turn the wheel to reveal each option in the "menu". Working a lot similar to the older Garmin GPS's (those without touch screens).