This is happening because the name of the hard drive has been changed from what it was originally. To fix this problem, you will just have to rename your hard drive back to its original name (Hard Disk or Macintosh HD).
You change the name of the hard drive in the same manner that you change the name of a folder. This process is described in detail in your User's Guide. Once you have renamed it back to its original name, the items in the Launcher should then work fine.