Is it possible to start an application by hotkey, without 3rd party software? If so, how?

Is there a way to setup some key combination on Windows 7 to call a specific .exe file without installing any sort of third party application?

All you have to do is create a shortcut to it (on the desktop, or in the Start menu*). Then right-click it, select Properties, click in the "Shortcut key" field under the Shortcut tab, and press your desired key combination. Click OK and then it should work.

*Note that this method only works if the shortcut is in certain places. See this KB article for more information.

The easiest way is to pin the app and then using WinKey + to launch it - that is built in and does not require additional apps.

It does not use Ctrl shortcut however.