The Collaborative International Dictionary of English v.0.48:

Launch \Launch\ (l[add]nch or l[aum]nch), v. i. [imp. & p. p.
   Launched (l[add]ncht or l[aum]ncht); p. pr. & vb. n.
   Launching.] [OE. launchen to throw as a lance, OF.
   lanchier, another form of lancier, F. lancer, fr. lance
   lance. See Lance.] [Written also lanch.]
   1. To throw, as a lance or dart; to hurl; to let fly.
      [1913 Webster]

   2. To strike with, or as with, a lance; to pierce. [Obs.]
      [1913 Webster]

            Launch your hearts with lamentable wounds.
                                                  --Spenser.
      [1913 Webster]

   3. To cause to move or slide from the land into the water; to
      set afloat; as, to launch a ship.
      [1913 Webster]

            With stays and cordage last he rigged the ship,
            And rolled on levers, launched her in the deep.
                                                  --Pope.
      [1913 Webster]

   4. To send out; to start (one) on a career; to set going; to
      give a start to (something); to put in operation; as, to
      launch a son in the world; to launch a business project or
      enterprise.
      [1913 Webster]

            All art is used to sink episcopacy, and launch
            presbytery in England.                --Eikon
                                                  Basilike.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

launching \launching\ n.
   1. the act of moving a newly-built vessel into the water for
      the first time.
      [WordNet 1.5]

   2. the act of beginning something new.

   Syn: debut, first appearance, unveiling, introduction, entry.
        [WordNet 1.5]

   3. the act of propelling with force.

   Syn: launch.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

launching
    n 1: the act of moving a newly built vessel into the water for
         the first time
    2: the act of beginning something new; "they looked forward to
       the debut of their new product line" [syn: introduction,
       debut, first appearance, launching, unveiling,
       entry]
    3: the act of propelling with force [syn: launching, launch]

Moby Thesaurus II by Grady Ward, 1.0:

19 Moby Thesaurus words for "launching":
   coming out, curtain raiser, debut, embarkation, embarkment,
   first appearance, floating, flotation, inaugural address,
   inauguration, induction, initiation, installation, installment,
   introduction, maiden speech, opener, preliminary, unveiling