How to remap "Context Menu" key in Mac OS X?

I have a Logitech keyboard (Ultra-Flat Keyboard Dark Shine to be exact), which has the context menu key in the middle of the windows and alt key, which is quite annoying.

Here's a screenshot of where the key is:

http://freshlog.com/grabs/ff532-How_do_I_remap_the_context_menu_key_in_Mac_OS_X

I can remap the windows and alt keys under the default Keyboard System Preferences Panel, but there doesn't seem to be a way to remap the context menu key.

Any ideas?