Custom keyboard shortcut to paste a pre-defined text?

I've been working on several website designs lately, and it looks like I'll be making a lot more in the near future. I find myself browsing to lipsum.com and copying a handful of paragraphs of random text to fill a design almost daily. I was wondering, is there any way I can set up a keyboard shortcut that will always paste a certain text, for instance a few paragraphs of lorem ipsum that I saved in a text file or something?

thanks

Autohotkey will do exactly that (although there are many similar apps). See http://www.autohotkey.com/docs/Hotstrings.htm for your specific requirements

1. Create .bat file
2. Insert below text clip < "myemail.txt"
3. Create myemail.txt file and write you content
4. Create shortcut and assign short key for batch file
5. When ever you want paste the content press the short cut key , it will copy the text into clipboard, just have to paste the text. .txt,.bat create any where but short send to desktop and assign short key.