If you precede the command with ./ then it will run if it is in the path or
not.
If you are using i3wm check out a program called: i3blocks
From a couple of videos I just watched about launchy, there looks like there
are settings under a 'general' tab that let you configure how/when the
windows close/open
It is great to learn by experimenting, but it is also good to learn a small
base of information to help you learn more:
http://www.freesoftwaremagazine.com/articles/command_line_intro
http://en.flossmanuals.net/command-line/index/
I'm not suggesting you are a beginner, just that you, like all of us, have
some holes in your knowledge.
It is also really cool that you are hacking around with this script!