App Launcher will launch up to 6 applications from your usb drive.
3 custom apps including arguments plus..
PStart from \Programs\PStart\PStart.exe
PStart from \PortableApps\PStart\PStart.exe
Portable Apps Menu from \PortableApps\PortableAppsMenu\PortableAppsMenu.exe
In addition to setting an environment variable you can use in place of the drive letter in shortcuts, ini files, config files, etc.
The environment variable is useful when the drive letter changes from the last time you plugged your usb drive in as app launcher will set it to point to the new drive letter so your config files, shortcuts, etc. still work.

You must have admin privileges to use the environment variable option.

Usage:
Extract the zip file to your USB drive and run.

Command line arguments:
 -a  Launch Applications and set Environment Variable
 -d  Remove Environment Variable

Version 1.2.0.3
Fixed as issue with Volumes that didn't have a label and the set environment variable option.

Version 1.2.0.2
Added 2nd and 3rd app launch options.

Version 1.2.0.0  
New update to the autolauncher4u3.
Added Environment Variable option, this allows you to use the variable in place of a drive letter in ini files, config files, shortcuts etc.
No longer being developed specifically for U3 drives.
Use it on any portable drive.

(download src)