You mentioned starting up a process "on demand". WAS - Windows Activation Service, or sometimes called Windows Process Activation Servvice, though it is never abbreviated "WPAS" - is the thing inside Windows that provides on-demand process activation. The way it works - when a message arrives, WAS can start a worker process to handle the message. WAS was, prior to IIS7, fairly tightly integrated into IIS. It was used primarily to activate processes that did web work - like an ASP.NET worker process. With IIS7, WAS is generalized so that it can activate worker processes based on non-HTTP as well as HTTP messages. If you write your app to receive messages through WCF, you can get activation essentially "for free". That applies if it is HTTP, TCP, MSMQ; SOAP or otherwise.
The key thing with this on-demand startup though, is that it is tied to the communication. In fact the process lifecycle model for WAS is tied to communication as well. By default if there are no incoming messages after a while, the process will be shut down by WAS. That may or may not be what you want.
As for process hosting - COM+ offers a hosting environment but it is primarily intended for use as a host for processes that communicate. This may not be the perfect fit for you.
If you have compute engines, you may just want to run a Windows Service. A service like that can be started and stopped either administratively or programmatically. In the latter case, you could imagine a WAS-activated worker process programmatically starting a windows service.
You could also imagine writing a simple Windows Service that watches a location (filesystem, message queue, etc) for a message, and when that file or message arrives, the Windows Service starts up a compute engine process, which itself is NOT a Windows Service, but is just a process.
Speaking of MSMQ - That is basically the same model as MSMQ triggers. You can configure MSMQ to start a process when a message arrives on a particular queue.
There are lots of options.