解$:(2)$因为$(\frac {5}{4})^3=\frac {5}{4}×\frac {5}{4}×\frac {5}{4}=\frac {125}{64},$
$(\frac {4}{5})^{-3}=\frac {1}{(\frac {4}{5})^3}=\frac {1}{\frac {4}{5}×\frac {4}{5}×\frac {4}{5}}=\frac {5}{4}×\frac {5}{4}×\frac {5}{4}=\frac {125}{64},$
所以$(\frac {5}{4})^3=(\frac {4}{5})^{-3}。$
$(4)①$原式$=(\frac {8}{3})^4×(\frac {3}{4})^4$
$=(\frac {8}{3}×\frac {3}{4})^4$
$=2^4$
$=16$
$ ②$原式$=(-2)^3×(\frac {1}{2})^4-(\frac {1}{4})^2×(-4)^3$
$=[(-2)×\frac {1}{2}]^3×\frac {1}{2}-[\frac {1}{4}×(-4)]^2×(-4)$
$=-\frac {1}{2}-(-4)$
$=-\frac {1}{2}+4$
$=3\frac {1}{2}$