I found that the "Launch" button doesn't work for me all that well in version 4.0.5 so instead I double-click on the download in the "Downloads" window. This is IMO a more direct way of telling a file to launch so if it doesn't, post back.
Remember to wait a little if it doesn't launch right away. It may take some time depending on configurations.

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iMac G4 OSX 10.3.9
RAM 256MB
LW 4.10.5 Basic
ADSL anything from 3 to 8Mbps/around 1024kbps

"Raise your can of Beer on high
And seal your fate forever
Our best years have passed us by
The Golden Age Of Leather"
-Blue Öyster Cult-