If you are using .Net just add the .NET Framework "Process" component. You can then set it properties, stuff like working directory and executable location, and execute the program from an object such as a button using <Processcontrolname>.Start(); Then you wont need all this thrid party software. PatchMe launcher from start to finish in C# is 1 line of code, 4.5 kb, and 2 minutes ;p As for touching base with installers. Being that the .NET Framework is the "end of DLL hell." Unless you use some hemped up third party libraries, DLL, or external applications you can just distribute the executable and tell them to grab the Framework off of WindowsUpdate, if they dont already have it.
To extend this you could do a compare of the EQHost and replace it for either EQEmu or EQLive upon launch, using an object like radio buttons. Store the working directory path in an ini or XML and hardcode a keep alive in a relatively short period of time ;p Could even take it that much farther and add things like an autoupdate for it. All depends how far you want it to go
Just some ideas.
WinExec is somewhat legacy now as well. They currently recommend and most major institutions tend to teach CreateProcess in VC6+ for the degree of control it offers.
-Curtis