Download Launchy 2.0
Launchy helps you to launch applications and tasks on your computer in a matter of a few keystrokes. It indexes your files and executable programs so that they’re just a few keystrokes away, saving you lots of time.

Launchy 2.0 Features
Launchy 2.0 is out, and this time it has gotten better. Here are the new features:
- Previews of skins in the skins dialog
- Plugins can be used instantly, there’s no need to restart Launchy
- Customizable Scanning: Shallow scanning of directories made possible
- All options under one dialog box
- Vista Compatible
- Launchy 2.0 has been entirely rewritten in QT
I really should mention that Launchy is looking so cool with a new default skin that they’ve added in this version. It’s those dock like icons + reflection that make it look so professional. Have a look for yourself:

Download Launchy 2.0
Launchy 2.0 can be downloaded from the Launchy Sourceforge page. And of course, there are loads of other application launchers available for Windows.
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Cool Software, but unfortunately I couldn’t get the actual process of launching by reading through the post and had to download the s/w to understand.
Uh Oh! Sorry for not making it clear.
Launchy indexes the files you specify and helps you launch them by just typing in the name of the .exe/other files. :)