Ahoy Mates,
I hope Garth chimes in on this one, he can probably give you a few of the technical details, but it was my understanding that the torpedo was turned on with the props spinning and the boat was on its' run to the target, once at optimal range a crew member pulled the lever to release the cables that held it in its' cradle and it rolled off, hit the water and took off. It had a higher speed than the boat and once in the water the boat turned away to avoid as much counter fire as it could.
Elimination of the rather weighty and complex torpedo tubes was a prime consideration, not to mention having to grease the torpedo. Not only was this a rather messy operation, it also left a slick in the water that led right back to the boat. Witout the weight of the tubes and all the gear needed for their operation, the boat was a lot quicker, of course as sailors will, they soon made up for that with the added weight of some more arms in the forms of various gun mounts and added ammunition.
The technique was actually arrived at by some PT Boat skippers who were involved in a conference on what type torpedo would be best to use and the design first sketched out on a cocktail napkin in a bar, some drinkin' thinnkin' obviously involved.