Good question.
Ruby 1.9.3 is definitely supported. I have not yet tested Ruby 2.0 and I haven't tried 1.9.2. I definitely know that 1.8.7 does not work.
CentOS only ships with Ruby 1.8.7 (gah!) and I believe Ubuntu 13 ships with Ruby 2.0. I use RVM with Ruby 1.9.3-p194, although I believe I have also used Ruby 1.9.3-p392 successfully as well.
Try installing
RVM and then install Ruby 1.9.3:
rvm install ruby-1.9.3
Source the appropriate RVM script based on your installation and then install ec2launcher:
gem install ec2launcher
-Sean