Some help with launch configurations

[Kishore]

I am currently unable to understand the concept of launch configurations. Is 
there a document that explains this? Or could come dev be kind enough to 
explain the concept. The final plan and the current state?

One of the main confusions i have is the difference between "Project Target" 
and "Executable". No matter which target (library or executable in the 
project) that i specify in "Project Target" it always shows in red. What is 
the meaning of Launch mode: "Execute" vs "Debug"? etc.

In my particular case, I do a lot of embedded systems and am interested in 
maintaining two build folders. One for building the application in for the x86 
platform and another for the arm platform.

When I run or debug my application that is built for arm, I need to launch 
openocd which is a gdb server that connects to the arm device over a JTAG 
interface. arm-gdb then connects to openocd. Later i want openocd to exit as i 
stop debugging.

Can i in some way achieve this with the launch configurations workflow?
-- 
Cheers!
Kishore