A paperfuck is any document that can totally screw you such as: a lawsuit, legal charges, failing grades on a transcript, a police report, etc. etc.
It can also be used a verb.
Cop: I know that you know where the suspect is, now tell me where he's hiding or I will paperfuck you out of this university so fast!
UCLA Student: I swear I don't know, I think he has friends in Santa Cruz.
Daniel: How are you doing man?
Kyle: Awesome, I totally just paperfucked the guy who slashed my tires.
A paperlike launch is a product launch that seems like a paper launch, but not actually is. The product is released on the day of the launch, however, due to outstanding demand and lack of supply, not many products eventually get shipped.