This shortcut will create and insert a chart using data in current range as an embedded object in the current worksheet.
Note: the Mac shortcut does not seem to be working on current versions of OS X and Excel 2011. One reason might be that Option + F1 activates Display Preferences. However, this shortcut does not appear under System Preferences > Keyboard > Keyboard Shortcuts so it's not clear how to disable it and also not certain that disabling it would solve the problem.
In most cases, you'll want to take time to build clean, uncluttered charts that are easy to read. However, a quick, messy chart is a great way to "sanity check" unfamiliar data. A chart can show you patterns and outliers almost instantly. It can even show when data has been faked. Best of all, you get all of this with almost no effort.