I suggest for your convenience, you try making a symbolic link ...
Perhaps something like ...
$ ln -s /cygdrive/c/tools/emacs-23.2/bin/runemacs.exe /usr/local/bin/runemacs
Then open up a fresh shell and see if 'runemacs' now works for you.
(the shell you made the symbolic link in, will likely NOT be able to
use the new link)
new-shell$ runemacs
When I tried something similar to your situation, but with VIM I got
the following
----------------------
$ C:\\PROGRA~1\\vim\\vim72\\gvim.exe
cygwin warning:
MS-DOS style path detected: /usr/local/bin/C:\PROGRA~1\vim\vim72\gvim.exe
Preferred POSIX equivalent is: /usr/local/bin/C:/PROGRA~1/vim/vim72/gvim.exe
CYGWIN environment variable option "nodosfilewarning" turns off this warning.
Consult the user's guide for more details about POSIX paths:
http://cygwin.com/cygwin-ug-net/using.html#using-pathnames
bash: C:\PROGRA~1\vim\vim72\gvim.exe: command not found
---------------------
While it may not be easy to make bash properly handle dos style paths
for executeables,
I do believe that you can make your life much easier with well chosen
symbolic links.
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