Abstract: A launching device of the present invention includes a launch unit having a first coupling element and a second coupling element. A barrel may be releasably connected to one of the first and second coupling elements and a cylinder may be releasably connected to the other of the first and second coupling elements. The launch unit further includes a selector element to allow a user to pre-select an evacuation level of the contents of the cylinder. A specially designed valve assembly, bolt assembly and locking sear may also be incorporated that allow complete evacuation of the compressed gas through the launch unit and permit the projection of large objects such as grappling hooks. The launching device may also be converted to use as a fire extinguisher by quick connecting a cone shaped barrel and a cylinder of liquid carbon dioxide.