I've used Launchy for years, love it, and have donated to support it, but I have to ask if it's still active. The SVN write activity has been basically zero since May 2010 and there's no version for 64-bit Windows.
This really shows good & bad side of open source software. You get hooked on using great software such as Launchy, and then out of the blue, nothing happens for months. Worst thing is not knowing what is going to happen, a note from the developers would make a big difference to users & supporters understand.
I'm currently using 1.25 in winxp. I love to have a stable version when I eventually upgrade to win7.
I use it in windows 7 64bit with no issues.
On Win 7 x64 Launchy will not execute a shortcut that has command line arguments. It always drops the arguments and launches the target application without arguments.