This option lets you assign global (system-wide) hot keys to start and stop recording. Hot keys are intended for use with the "One-touch" record activation type. They're supported for other activation types, but probably won't be as useful. Note that WaveShop must be running to detect hot keys, though it can be minimized, and needn't be the foreground task.
To assign a hot key, first use the drop-list to select the target function ("Start" or "Stop"). Then focus the hot key control (to the right of the drop-list), by either left-clicking it, or pressing Tab. Now enter the desired key combination, and then move the focus elsewhere, by left-clicking a different control, or pressing Tab again. To delete an existing hot key assignment, press Delete or Backspace in the hot key control.
Hot key definitions must include at least one modifier key, i.e. Ctrl, Shift, or Alt. Multiple modifier keys (e.g. Ctrl+Shift) are permitted and strongly encouraged. Unmodified hot keys, and hot keys modified only by Alt are disallowed, to avoid conflicting with menus. Choose your hot keys carefully to avoid overriding WaveShop's shortcuts, and/or the shortcuts of other applications.