The Windows Alt-tab application switching hot key has improved greatly over the years but it still is put to shame by the VistaSwitcher application. Don’t be fooled by the name, it is compatible with Windows XP, Vista and 7. At the core VistaSwitcher works by displaying a list of open applications and shows a preview of the selected window.
The real power of the utility is the hidden right click menu on the alt-tab screen that allows you to minimize, maximize, close, end the process and more.
Different from other alt-tab changes, you can also switch between windows opened by a specific application by pressing alt + ` (accent key typically located above tab).
Give it a try and see if you like the extra features. The software is completely free and available in both 32-bit and 64-bit versions.