Ross’s Shell Extension is a couple of utility which allows you to enhance your Windows Desktop experience with lesser clicks. Two of which I liked most are toggling Hidden Files and Folders and File extensions.
In order to enable both the options it needs a couple of clicks. Go to Folder options blah blah blah but after you install the Shell Extension it just one right click and a click again.
I would generally keep the file extension display on permanently. It gives e clear idea on what file it is and Hidden files are like boon for people who want to hide some files or folders from other users. All you need is just one click and you are done. Works on Windows 7, Windows Vista and Windows XP also.