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Friend, you must first enter a shortcut, then hit tab (an right-arrow will pop up), and finally your keyword. This will pass the keyword to the application which is bound by the shortcut. For example, "g [tab] launchy docs" will in my case open the web browser and search google (hence the "g") for "docs".

Of course, you could directly enter an url in Launchy, this requires that you type http://, otherwise Launchy will not recognize it as an URL.