hold down the 2 buttons to the left of the spacebar and drag the "home" icon from the finder window to the desktop.. that will create a shortcut to it.
**added**
also, note that you can put a shortcut to any folder (applications, the home folder, etc) in the Dock if you drag its icon to the right side of the Dock's divider line. Then, you can open that folder by just clicking on it, or you can browse through its subfolders by right clicking it (or hold down control and click if you have a 1 button mouse).