I thought i would start this post to help some people that either do not understand how to hot key items or just cant be bothered to read the manual lol...
Some people mentioned they dont like pausing the game to choose another weapon or spell, well u dont have to !!!

Here we go:
Go to your menu, select the weapon or spells you like and FAVOURITE them, go back into the game, click Q, scroll to the item you want to select fast / hot key, hold F key then a number, u can do this with each item, so for example, when u press 1 u will have the sword, 2 the bow, 3 fire spell and so on to whatever you have selected for that number.

Done..
Good Luck...
Enjoy...
Risey