The program Launchy has a text-cache that includes a large number of strings of text typed into the Launchy field. I suggest it needs to be cleaned by CCleaner. Launchy is open-source so the implementation is likely to be rather straightforward. http://www.launchy.net/
The devs do read and consider all suggestions but in the meantime maybe you could add the locations in a CCleaner "Include"?
http://www.piriform.com/docs/ccleaner/using-ccleaner/including-files-and-folders-for-cleaning
I'm assuming here that you do know the location of the cache you mention.
Hope that helps.
EDIT: Welcome to the forum by the way clifton.
If you'd like to volunteer the path to the text cache, I'm more than happy to provide a winapp2.ini entry for it
Sorry to necro-reply but ...
I've got no idea. I did try to find the cache and include it in a custom clean-up, but could never ID where Launchy keeps its stuff. Sorry. ![:( :(]()
As you were. 2014 was a good year ...