It is a long shot and maybe I say it due to my Vista-allergy but since you must have a Desktop PC and not a notebook, why don't you install Win7 64bit?
It should make a lot of things much better for all your applications.
Long time WinXP loyal, I installed Win7 64 because of this game and was positively surprised...
And it may solve your Launcher.exe problem.
Good Luck!
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