I always thought this thing was the coolest toy ever. I love the whole concept of the hidden derringer in the belt buckle before I read about the danger of burning one's genitals. As a kid that may not have dissuaded me until I learned my lesson the hard way. It would have been a perfect addition to the great two gun cowboy gun rig that I always wore when we played guns.
Me and my friends also had rubber knives with us so that we could throw that at each other once all the caps ran out.
But the coolest thing we all carried with us was the shell of a one shot bazooka that our dads were allowed to bring home from work after they were rendered harmless. After they had been used in training they were just an empty tube with a trigger and a sight...but the illusion was perfect for us when we were in the heat of battle. This one is like the one I remember playing with and it could extend or retract on demand.
We had a huge sandbox with playground equipment to play on and when you got 'hit' with the bazooka you would kick up the sand as you pretended to die in the most dramatic way that you could think of. Good times.
You can see more of these famous banned toys by going HERE.