The Collaborative International Dictionary of English v.0.48:
Launch \Launch\, n.
1. The act of launching.
2. The movement of a vessel from land into the water;
especially, the sliding on ways from the stocks on which
it is built.
3. [Cf. Sp. lancha.] (Naut.) The boat of the largest size
belonging to a ship of war; also, an open boat of any size
driven by steam, naphtha, electricity, or the like.
Launching ways. (Naut.) See Way, n. (Naut.).