An easy way to select a file or folder while in Finder is to begin typing the file or folder name.
For example, in the following image you can see there are multiple Applications that begin with the letter “T” (TextEdit, TextWrangler and Transmit):
By typing “T”, Finder selects TextEdit, the first application that begins with a T.
To select TextWrangler or Transmit, you would type “TextW” or “Tr” respectively.
To cancel the current select, hit the escape key. This clears the completion and lets you begin a new one if necessary.
On Windows, you type the first letter of the file or folder you want to select. To select another file or folder that begins with the same letter, press the same key again. This will cycle through all of the available options.
Update: A few users have been asking about how to launch the selected file/folder from the keyboard. Hitting enter will rename the file/folder. Mike C. comments that pressing or
will work. Additionally, you can also use
.

Justin
Alan
jonathan
Mike C.
Brad: Finder will also find the nearest alphabetical match. If you don't have any files that start with 'V' but you press it anyway you'll get as alphabetically close as possible, like something with 'U' or 'W'. August 25th, 2005 at 7:59 pm
jonathan
Jeremy Kemp
Brad
Thanks, I didn't know that. August 26th, 2005 at 11:11 am
JoshB
It's free and open-source, and you can find it at http://quicksilver.blacktree.com/. Being OSX-only, it integrates into the OS beautifully. August 26th, 2005 at 12:07 pm