LaunchOnFly
A newer version of LaunchOnFly is available.
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Full user review
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"Beats similar launchers, and its free!"
Pros
I tried at least a half dozen launcher programs (some of them not free), but this one is the best I've found. It is easy to set up, easy to configure, easy to customize, and easy to use. It doesn't look cheesy like some launchers, and it doesn't take up a lot of room on your screen like some of the huge bar-type launchers. You can get to practically anything with just one mouse click or two at the most. You can't drag and drop items, but you can right-click on a file that you want to add, and it will give you the option of sending it to LaunchOnFly, a really cool feature I haven't seen in other launchers. LaunchOnFly has all the essential features I was looking for, and more are promised in future versions, although I don't see how it could get much better. Give it a try, its free!
Cons
No help files yet, but they say they are coming soon. I didn't really need any anyway, it is easy to figure out.