While I do love QuickSilver, I wanted to point out that you can indeed use Spotlight for opening applications.
Hit Command-Space to bring up the Spotlight quick-search bar, type the first few letters of the app, ie: "term" for Terminal, and then hit Command-Return, which opens up the top hit automatically. Voila, the terminal should launch.
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Hit Command-Space to bring up the Spotlight quick-search bar, type the first few letters of the app, ie: "term" for Terminal, and then hit Command-Return, which opens up the top hit automatically. Voila, the terminal should launch.