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Bash's history expansion character, "!", has many features, including "!:" for choosing a specific argument (or range of arguments) from the history. The gist is any number after !: is the number of the argument you want, with !:1 being the first argument and !:0 being the command. See the sample output for a few examples. For full details search for "^HISTORY EXPANSION" in the bash(1) man page.
Note that this version improves on the previous function in that it handles arguments that include whitespace correctly.