Is there a way to bind items to the number keys in Skyrim?

I'm less than impressed with the favorites menu for quick swapping spells in the middle of a fight. Is there anyway I can bind them to the number pad on the keyboard?

Press Q to bring up the quick menu. Then, hold down a number key (1 trough 8) while hovering over a item or spell for a second. Swap between items during gameplay by tapping the assigned number key.

Courtesy of Xenox's answer.

Woot. Google never ceases to amaze me.

After reading this I figured out how to get a somewhat desired effect. Pressing the key twice will essentially put it in both hands. Such as bound sword, first in Left Hand for me (Right Mouse, I might end up reversing the mouse binds -_-) and then in Right Hand (Left Mouse). So I can dual wield Bound Swords by pressing the key twice.

So far I have figured out the following:

Physical things go into your Right Hand first (Left Mouse), Magical things go into your Left Hand first (Right Mouse).

So if you bind Bound Sword to 1 and some physical sword to 2. Pressing 1,2 with nothing equipped as a weapon will put the bound sword in your Left Hand (RM) and the Physical Sword in your Right Hand (LM). If you press 1 twice, this will put Bound Sword in both hands. I don't have 2 physical swords atm so I can't clarify if binding another one to 3, and then pressing 2,3 will cause you to dual wield them.

But feel free to experiment on your own! and thank you for answering my question -:D