As you might now, I do some podcasting over at TouchTalk. TouchTalk is a news-podcast and therefor we speak a lot, but sometimes it happens that I have to sneeze. Which is pretty bad, because it screws up our recording. And no one wants to hear my sneeze, believe me ;)

So I went out and looked for a simple application which mutes my microphone when I press a hotkey. Turns out, that there isn't an app that does that (the way I wanted it to). So, what do when there isn't an app for that? (Pun intended).
Sit down and spend roughly three hours of your developing just that app. So, without further ado, here is MuteKey:

Select the input you want to control and whenever you have to sneeze, or bark or whatever just press the big button. When you are finished press it again to un-mute the input device.
Oh, and there is also a global hotkey, hardcoded to {Control}+{Option}+M