Ok so i had this killer idea.bind a key to a song.press the key and the song turns on.would this be possible?

It's possible I guess if you change the sound settings so the F commands say something different, but it would require a lot of effort and would be pretty pointless in the long run. Just run iTunes while you are playing

I would also venture to guess that redistributing a mod like this would be illegal, as you would be redistributing the songs which are copyrighted.

well you dont have to play copyrighted songs.you could use parody songs.

like walkers in a winter wonder land...

...which are still copyrighted.