A projectile for launching through the air comprises a body and one or more projecting members integral therewith extending outwardly a distance from the body, which can be hollow or solid. The projectile is formed from an elastomeric material capable of being stretched to energize the projectile for launching. The projecting members are positioned a distance apart from one another and include openings disposed therethrough at distal ends for engaging sections of a launching device. The launching device includes a handle with the sections extending outwardly therefrom to accommodate placement of the projectile openings thereagainst for retaining the projectile before and during launch. The projectile is launched from the device by pulling the body away from the launching device to energize the projectile, and then releasing the energized projectile, causing it to be propelled from the launching device into the air and towards a desired target.