R – Fastest way to find *the index* of the second (third…) highest/lowest value in vector or column

Using aggregate:

aggregate(x$Frequency, by=list(Category=x$Category), FUN=sum)
  Category  x
1    First 30
2   Second  5
3    Third 34

In the example above, multiple dimensions can be specified in the list. Multiple aggregated metrics of the same data type can be incorporated via cbind:

aggregate(cbind(x$Frequency, x$Metric2, x$Metric3) ...

(embedding @thelatemail comment), aggregate has a formula interface too

aggregate(Frequency ~ Category, x, sum)

Or if you want to aggregate multiple columns, you could use the . notation (works for one column too)

aggregate(. ~ Category, x, sum)

or tapply:

tapply(x$Frequency, x$Category, FUN=sum)
 First Second  Third 
    30      5     34 

Using this data:

x <- data.frame(Category=factor(c("First", "First", "First", "Second",
                                      "Third", "Third", "Second")), 
                    Frequency=c(10,15,5,2,14,20,3))

Use the partial argument of sort(). For the second highest value:

n <- length(x)
sort(x,partial=n-1)[n-1]