Free utility Open++ adds a new submenu to your right-click context menu with advanced options for adding virtually any function you could want.

Rather than add a bunch of its own custom commands (though it does have a few handy defaults, like Copy Path), Open++ provides a versatile utility for adding your own functions. You can launch files, folders, or applications complete with special arguments, a user-defined working directory, custom icons, and even custom file associations (so the command only shows up when you right-click a certain file type).

Open++ is a free download, Windows only.

Open++ [via FreewareGenius]
Open++ Download Page [Tucows]