I created a plugin from the idea posted by Marco Sordi on UserEcho.
The plugin will look for a file name in the following places (and in the following order):
the cursor expanded to enclosing quotes (both single and double quotes should work)
the selected text
the whole line
the clipboard text
If no filename can be found, the plugin will try to create a new file from the selected text.
Both relative and absolute paths should work.