Launchy is simply a program that allows you to use a shortcut (defaults to Alt+Space) and it brings up a window that you type in a program and you instantly open it. no searching for the link on your desktop, navigating the start menu, or pinning apps to your taskbar
However Win7's windows key then type-to-search function works well too so the 26Mb of ram being allocated to Launchy at all times may not be the most useful app.
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