The Collaborative International Dictionary of English v.0.48:

Launch \Launch\, n.
   1. The act of launching.
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   2. The movement of a vessel from land into the water;
      especially, the sliding on ways from the stocks on which
      it is built.
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   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.
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   Launching ways. (Naut.) See Way, n. (Naut.).
      [1913 Webster]