The language processor performs tasks required to process a specified programming language such as translating and interpreting. It includes an editor to write and manage code, a compiler to check syntax and translate to machine code, an interpreter to check, translate and execute instructions without producing object code, and other tools. The program development cycle involves defining the problem, analyzing it, designing an algorithmic solution, coding the program, compiling and linking the code, loading the program for execution, testing it, and revising if needed.