Yes, and it does nothing, the launching problem persists.

Ok, now I feel really stupid. It was a compatibility problem with Zone Alarm. When I turned off Zone Alarm before the launch of Steam I was able to launch the game. It seems this is a problem with Arma 2 also, so there might be something there. IT didn't help that I approved connections trough Zone Alarm for the games but I had to close Zone Alarm and use Comodo instead.

So this issue is sorted, except the game seems to not work with ZA and neither seems Arma 2. Both trough steam except Arma 2 I was able to launch trough local files successfully.

This issue for me can be noted as solved.

Yes, and it does nothing, the launching problem persists.