Is it possible to assign shortcuts to launch applications?

Pressing Super + a number key will open the application that is at that position in the dock.

TIP: You can find this out as well as lots of other keyboard shortcuts by pressing Super.

If you would like keyboard shortcuts for applications that are not in the dock, or would like a custom key combination that doesn't involve the Super key, then follow the following instructions:

1. Open System Settings.
2. Choose Keyboard.
3. Go to the Shortcuts tab.
4. Choose Custom Shortcuts from the left (it's at the bottom of the list).
5. Click the + button at the bottom of the window.
6. In Name, type a name for the shortcut. E.g. "Open Firefox".
7. In Command, type the command you want it to execute. (For a program it is likely to be the program name in lowercase. Mozilla Firefox is "firefox".)
8. Click Apply
9. Find your new entry in the list (the large box).
10. Where it says "Disabled" click your mouse.
11. Press the key combination you want it to be assigned to on your keyboard.

To change your key combination, just go the the Shortcuts section of Keyboard and click on the key combination it is currently assigned to, next to it's entry.

To remove your key combination, click it (not the shortcut, the name) and press the - button, next to the + button.