No, it's not quite the same thing.
Here's what happens. You press '. Nothing happens. You press it again -- you get an extended Latin character from here:
http://www.decodeunicode.org/en/latin_extended-a
You press colon, nothing happens -- you press e, and you get an e with a diaeresis:
http://www.decodeunicode.org/en/u+00eb
And so on. Basically, nothing happens the first time you press the key, and then you press something else, and then weird characters show up.
It only seems to happen to older programs running under my Vista machine -- although it has happened once or twice to MSVC, it nearly always happens to Dev-C++ and SciTE, and Notepad is virtually immune.