Assumptions:

1. You're running 32-bit Windows; most notably tested has been Windows XP.
2. Hibernation is turned on and is properly working in your Windows setup. Check the Control Panel Power Options applet for more information.

Steps:

1. Right-click on an empty space on your Windows desktop and select New|Shortcut from the resulting pop-up context menu.
2. In the location of the item, type in
   

   %windir%\system32\rundll32.exe powrprof.dll,SetSuspendState 1

   Click next.

3. Type "Hibernate" or whatever you prefer as the title for the shortcut. Click Finish.

The directive works as well in programs.