Create Keyboard Shortcut to Mute/Unmute?

I use a MacAlly IceKey keyboard that didn't survive the Lion upgrade - lost function of my volume, mute and eject keyboard buttons. I've checked with MacAlly and they don't have a fix, and probably won't any time soon (or ever).

I'm working on locating a replacement, but in the mean time I am trying to find out if there is a way to setup a keyboard shortcut to mute/unmute sound?

I am on the computer 6 to 8 hours a day and I use this particular keyboard because it is the only one that has proved comfortable for my hand size and finger position. Simply put, the wrong keyboard causes me pain in my hands. Locating another useable keyboard will take time.

No, the standard Apple keyboard doesn't work for my hands. I'm sorry, I wish I could make them work, but they just don't.

I realize that muting the computer only requires I move the mouse up to the volume control and turn the sound down. Being that my hands are on the keyboard a majority of the time, a hotkey or a simple set of keystrokes is more efficient and quicker for me.

Anything anybody could offer to help with this would be deeply appreciated!