Logitech mouse driver had something similar — the middle button (which was configurable) used to show a 3x3 grid of icons that you could click or simply release the mouse button over. This allowed you to easily close or minimize windows (I never used anything else, so I don't remember what other functions it had).
However, a few years later, they removed it from the driver, and Windows 7 couldn't use the older driver. So, I made a AutoHotkey script that displayed the same grid as a plain jpeg and then activated some action depending on the mouse coordinates within that image.
