Toys of your youth

But with 6 pegs nailed around a piece of 2 -b-4, and a peg 'hinge' threaded through the elastic for better hold, and moar pain.

There was an extremely similar weapon made by the kids on my neighbourhood. It did not shoot rubber bands, but it did use rubber bands and a clothes peg. I cant remember the details but it was used to fir small projectiles of some sort.