My dad did Nutrisystem, and he looked fabulous... for a few months. Then the weight slowly started coming back. When it was all said and done, he gained back more than he had lost. The problem with any program where you eat all their meals and follow their systems is that you don't learn how to eat for the rest of your life. My only advice is this - find some kind of diet that you can see yourself eating for the rest of your life. I have friends who have been quite successful on the Weight Watchers points system. No matter what you choose, remember that it has to be SUSTAINABLE, or your weight will just come back as soon as you go off the diet.
Exercise is a pain, but it is vital, not just for weight loss, but to keep your body healthy. Exercise is what will help you build and tone muscle. Without muscle, you will not get that sleek, toned look. Beyond that, when you build muscle, it helps you burn fat faster. (Basically, muscle needs more calories to function than fat, so as you get more muscle, you burn more calories just doing the same thing.) Beyond that, who cares if you look skinny if your body is weak and you are tired. Exercise is what will strengthen your body and give you the energy to keep up with the daily demands on you. You don't have to exercise all day. Three times a week for 30-40 minutes is the recommendation for building health. If you can add some strength training in their with weights, you will tone and sleek up that much faster.
I have two kids, and my husband is gone for work 60-80 hours per week. I don't have much time to exercise either! I have been jogging 3 times a week for the last few months. Sometimes I get out 4 times a week, sometimes only 2. I do what I can, and don't beat myself up when I can't. In just a few months, I have seen a huge difference in my energy level! I can do so much more now before I feel tired that I am just amazed. Some moms have found gyms with low cost or free childcare. You mentioned that you play racquetball. Maybe you could meet up with a friend and plan on racquetball for 1/2 hour, three times a week. Figuring one exercise time on the weekend when hubby/family/friends are available to watch the kids, that only leaves 2 times during the week to figure out childcare. Depending on how old your kids are, maybe you could even get your younger kids in on the fun. Let the two oldest play a match while the little ones crawl around a nearby court and you play with some friends. Anyway, when you decide that it's really important, you figure out how to make it work.
Best of luck,