From this, it appears you have to implement your own command in a plugin. The process looks more involved than simply setting a menu choice.
Equivalent functionality can be defined without commands, if you're willing to give up the keyboard shortcut and use content assist instead.
I'm not sure if it will work with the language you're using (PHP?), but with Java in Eclipse it is possible to use Code Templates.
You would define your own template, when it was applicable and what it would do. This could then be accessed with Ctrl+Space
through the possible content assist methods. So in the context of Java statements, I can define:
this.call(${word_selection});
So when I highlight a word, such as "Hello, world", I can use the template to change it to:
this.call("Hello, world");
(There are ways to limit it to only String types instead of word selections, but that will most likely not apply to your language, so I didn't pursue exactly how to do it.)
The Code Templates menu is available through Window->Preferences
.