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I found a program called "Taskbar Control" thats lets you set a Taskbar Autohide toggle key.
http://www.thefreewindows.com/3252/hide-completely-the-windows-taskbar-using-a-hotkey-and-unhide-it-with-taskbar-control/
Note: Make sure you download "Taskbar AutoHide Control" version if you want your current window to auto-fill the space.