Is it possible to bind custom keybindings for custom commands?
For example what if i want to use my laptops multimedia keys to move to the next track using an ncurses music player like moc?
Or bind F12 globally to execute xterm -e vim ~/foo no matter which application i have open.
And how?

Assuming those keys trigger the appropriate XEvents, then you should be able to change the global shortcut listened to by it without anything else needing to be done.

For executing "xterm -e..." see System Settings > Input Actions, which has this capability.

Thanks i figured it out. It seemed a little cryptic at first.