Launcher.exe is in the TS12\Bin folder.
If it is not there, just do a re-install to a separate folder and you will have two installations of TS12. You can then copy the Launcher.exe file from the new install to the old. That way, you don't lose anything when you re-install. Just make sure you do not accept the default folder on the new install, and that your shortcuts point to the old, not the new install.
As for Babylon. It is very difficult to clean out. You also need to clean it from your system's registry.
To do that, I recommend Resplendence registry manager. You can DL the free edition here:
http://www.resplendence.com/downloads. Download free home edition. Aside from the pesky prompts to upgrade to pro edition, the free works fine.
Once you run the registry manager, do a search of the entire registry for "babylon" (without the quotes). As far as I know, there should not be anything with that name on your system. If the search returns anything, delete all of them, then restart your system.
If by any chance you do have a legitimate app named babylon, uninstall it before doing the registry search, then after you're done, re-install the legit app.
My brother had some trouble on his system several months ago, and it took quite a bit of "search and destroy" to get rid of it.
There is probably an easier method to rid your system of babylon, but be careful when downloading and running anything you get online. There are lots of lost souls who would love to see your system crash and burn, and would write some code that looks like a babylon removal tool, only to install something even worse!
I am currently running Norton Internet Security 2012, so I feel pretty safe. I also pay very close attention to where I am and what I am downloading on the web.
In addition, in Windows vista and later, you should set your UAC - User Access Controls to warn you of any program that wants to make changes to your computer.
Another good practice is to set up a different user for web access. This user must have only limited privileges, not admin, so they cannot install anything. I'm not certain whether this will stop something like babylon from being installed though.
Happy Trainzing!
FW