Mathew Manela from the Online Tools Group at Microsoft has written a really cool tool, which adds a feature missing for a long time in Visual Studio: Code Snippet Creation.
The tool, which is available at http://www.codeplex.com/SnippetDesigner allows a bunch of functionality for working with custom snippets.
The snippets you build are stored under the path %USERPROFILE%\Documents\Visual Studio 2008\Code Snippets\Visual C#\My Code Snippets.
You can either insert them via the context menu "Insert Code Snippet" (Ctrl+K-X) or you can assign a short-phrase (shortcut).
With the shortcut you just need to type e.g. prop<tab><tab> to insert a property code snippet.
You can set the shortcut (and other things as well) in the property window of the snippet editor.