I like rarrl's idea. Whilst playing with m dog outside, several ideas came to mind. I'll list them in order of goodness.
Call- in missile- press a button, soon after a missle strikes. Maybe the player remotely controls the missile, or it just strikes randomly. I don't care.
Computer virus- emits flashy numeric code (1's and 0's). Whoever gets in the cloud gets random status effects. Why the code? Just to look cool.
Noose- throw it, if it hits someone, each attack button tightens it, each time lowering opponent's health, but they can struggle out of it. This will cause more interaction between the player and the AI.
Industrial fan- point it and whoever gets cllose enough flies back from wind force.
Bear trap- like the mouse trap, but there's only one and it causes more damage. And takes longer to get un-trapped.
Smoke bomb- anyone inside the smoke can't see themselves. Obviously. Maybe smoke inhalation lowers health.
Riot shield- this'll be the basic whacking weapon, but it defends one side of your body from all attacks (every attack takes down ammo).
Old- style barber shop razor- would basically bea knife, but the way it moves would be more visually interesting.
EDITED: I thought of more and better weapons. Well, some of the mare from video games, but they aren't copywrighted.
Tractor beam- plants on ground, whoever steps on it or jumps directly over it gets caught in the tractor beam. The trapped can use any weapon they have or hand to hand, but they can't get out until someone else hits them out or they are hit with a projectile.
Ricochet gun- bullets bounce off of walls and players at angles.
Bullet pod- fires pod that flies to the top of the stage. Then it fires tons of bullets in a random down direction.
Accelerating machine gun- fires faster and faster the longer the trigger is held.
Black hole gun- fires black hole that floats around for a few seconds, anyone touching it will be teleported to a random spot on the stage and loses any weapon they have and a lot of health. Maybe they're disoriented when they get out.
Laser sword- NOT a lightsaber. Like a Katana, but more damgae, less ammo, and cuts through shields. Maybe hits people on other side of walls or instantly destroys deployed weapons.
Bear with me on this one- Grenade launcher- fires grenades (six ammuntion). Not like the RPG, but like the grenades you said you'd include; they bounce around on the ground for a couple of seconds.
Satellite hit- huge laser through middle of stage that kills anyone who's under when it hits and burns everyone who touches it afterward.
Boomerang- not flashy or epic, but I think they way it moves would be a cool inclusion.
Acid cartridge gun- launches acid bomb. Like smoke bomb (see above), but you CAN see yourself and it does much more damage (you're breathing acid instead of smoke).
Air support- planes/ helicopters come in and shoot, drop bombs, crates, whatever (maybe like the aircraft in the Metropolis level, only slowed down a bit, and, of course, with wepons).
Assasin call- another AI joins for a while, and it uses a sniper rifle. It targets the farthest enemy (it's a sniper thing you really wouldn't understand), and when it's out of ammo or loses one life it dies. The AI should be less intelligent than the usual enemies.
Semi- automatic rifle- one click= one bullet. This will make the game seem more interactive.
Poison trap- deployable, whoever walks over it gets poisoned.
Probe- throwing weapon, it slowly takes health from whoever it latches onto. it can be exchanged between players via contact, and when it finally takes the equivalent of one life's health, it returns to the person who threw it, giving them an extra life.
Target- throwing weapon, attaches and does minor damage to whoever it hits, and all of the AI target that person immediately. Maybe randomized weapons always hit the targeted player?
Collapsable baton- appears that you don't have a weapon at all until you start using it, so it fools AI and maybe careless humans into not using shields, and of course it does more damage with more range than an average attack.
Bear with me on this- Dynamite- throwing weapon, but since it's a tube, the explosion is focused in the same direction the tube is pointing when it lands (so, if the dynamite lands sideways, you get a sideways explosion).
A rifle with a chainsaw attatched (a- la Gears of War)- a1 fires, a2 slashes with the chainsaw).
Ligthning rod- deployable, attracts several quick lightning bolts that burn anyone who they touch.
S.O.S.- a health upgrade immediately falls onto the player.
Something like the Gravity Hammer from the Halo series- whacking weapon, but one hit makes opponent fly back.
Bear with me on this- hot coals- like the rock, but with a chance to burn.
Safe- throw up into the air, and it falls on someone, either flattening them or one hit one kill. After being thrown, it can be opened and inside there's health! Yay! hold it for to long without tossing it, and you drop it, so it can still be opened.
Dreamcatcher- does... something? to the opponent. What, exactly? I have no idea.
Also, how about Mario- style plants that you can pull out of the ground and eat for health, or throw for weapons? And maybe a tutorial level that can be used as an actual level. It's be very basic, and when used tutorially, it would explain all of the new moves, the controls, and how to use the different tyes of weapons (hand, projectile, deployable, and call-in). Maybe it has a special Mannequin character for the purposes of crap the beating out of. And, how could you not have a Samurai as a character? I know it's too late to include one, but come on, it wasn't even on the idea page!