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This idea is based in listary, an app that I recently tried, but with that I have some memory problems.
For example when you are in an "open file dialog" and you call to Launchy, the list of files of the directory of the open dialog is indexed and shown in Launchy and after you are selected one file in Launchy, it is open by the dialog. Something similar could be made when you use windows explorer or other dialogs and you call launchy.