My other thread is glitched and completely inaccessible, so let's try this again...
Does gogwrap.exe for Hostile Waters do anything besides provide a launch menu for setup convenience? If I add the game to my Steam games list using the gogwrap.exe shortcut that can be found from the Start menu, it won't work unless I disable the Steam in-game overlay.
However, just adding HostileWaters.exe directly works fine (although the Steam overlay doesn't work), and it doesn't look like it performs any differently than going through gogwrap.exe. Can anybody confirm this?
It's a trivial issue, but ever since Valve implemented the ability to add third-party game shortcuts to the Steam games list, I've been using it to manage all of my games. It's convenient having one centralized game launcher, and the Steam overlay (when it works) is nice for chatting with my Steam community.

I also can't see what the gogwrap.exe is for. It actually only seems to run the HostileSetup.exe, which is that launch menu providing some extra settings. Maybe they have it for compatibility reasons or something like that.
In any case, if using the HostileWaters.exe works flawlessly for you, I guess you can simply go for it :)

Ah, I never noticed this since I never tried alt-tabbing out of the game. Makes enough sense.