As I am getting more heavily into programming as a job and no longer as a hobby, I am definitely in need of some ways to improve my productivity. One thing that would definitely help in that respect is being able to create customized keyboard shortcuts for text/code snippets. For instance, holding down CMD+L+O+R+E+M will output a paragraph or two of the Lorem ipsum filler text, or CMD+F+U creates a function declaration.

What I am ideally looking for is a database where I can store formatted text snippets, bind them to my choice of keystrokes, and then have the text paste whenever I perform the associated keystrokes.

Are there any stand-alone applications that can do this for a Mac. Also, are there any text editors / IDEs that have this ability built in?