Dragon Naturally Speaking 9.5 Vista- This program made by Nuance allows you to speak into your computer and the computer types what you say. The good thing about this program is that once you get it trained it can save you a lot of time typing. However, you have to be willing to train it a couple of times. Training consists of reading passages to the computer while the computer program gets used to your voice. I use this during my last semester of college and it saved me so much time. It's an excellent program if you have trouble with your wrists because of the amount of time you spend on the computer.
This problem also recognizes certain commands such as if you say “open Microsoft Word” it opens the program. This program also allows you to surf the web by command. This program also has Nuance RealSpeak which turns text to human sounding speech.
However, like I said, you have to be willing to learn this program and train this program to work for you. Once I got this program set up I was very happy with it.
Update On Apr 03, 2010: When I install this lately it takes me to the latest version of the product. I am finding that a good headset microphone works best with these speech recognition softwares.