The present invention is a toy launcher which is transfigurable from a compacted state to an operative state for launching projectiles. In one embodiment, the launcher utilizes a hand-pressurized air pump for providing the launching power, and may accommodate multiple types of projectiles to be loaded in the gun at the same time. Projectiles may include, for example, a bolo bullet, grapnel, or miniature missiles. Auxiliary retractable features such as targeting components and a flashlight with a logo projector may be added to enhance the play value of the invention.