It appears to be either a limitation or bug in Launchy. Testing Launchy 4.2.0 w/ Firefox 1.5.0.4 on Windows XP SP2, none of the Launchy menu items (including built-in ones like open in IE) do anything when right-clicking on a link in a web page.
One alternative would be to right-click, copy link location, then paste via the UR global import shortcut, system tray icon, etc.
http://www.kinook.com/Forum/showthre...?threadid=1197