I am wondering if there are ways in which we can enable the layer visibility when holding a key and turn the layer off when releasing the key (in ArcMap). Something like in some online games you can check stats by holding TAB.
Here is a list of all of the Keyboard Shortcuts and Tips that is provided with ArcGIS for Desktop. It looks like pressing spacebar while you have the layer selected will turn it off, and then pressing it again will turn it back on. This way you are free to roam the map and toggle the layer.