When I was growing up in Detroit, every kid in the neighborhood had a water gun. Of course, that was a long time ago, and our "squirt guns" were pretty standard for the day: transparent plastic "pistols" in bright colors that "shot" a thin stream of water six or seven feet.
Those plain water guns have since evolved into a myriad of shapes and types, with some, like the Super Soaker, propelling jets of water up to several dozen feet. (By the way, did you know that a nuclear engineer, Dr. Lonnie Johnson, accidentally invented the Super Soaker in 1982 while experimenting on a water-based heat pump?)
During the 1980s, some water guns, like Entertech's, were so realistically modeled that they were implicated in a number of crimes and in accidental shootings by police and others. That led to the Federal Imitation Gun Law and to U.S. Department of Commerce regulations requiring that all toy guns bear a "blaze-orange plug at the tip of their barrel, or be colored entirely white, bright red, orange, yellow, green, blue, pink or purple."
http://www.cnn.com/2003/LAW/01/08/ctv.toy.guns (CNN.com's Law Center)
Standard water guns can now resemble just about anything (except real guns) on the planet, or off. In fact, some of the more collectible pistols have been sci-fi tie-ins, like the model of Star Trek's Enterprise that shot water instead of photon torpedoes.
Product tie-ins have always generated interest in the collectibles market, with fans of Rambo, Flash Gordon, Finding Nemo, etc., adding to the demand for certain water guns, but there are many individuals who collect water guns of every kind, from sharks and frogs to elephants and dragons.
Keep in mind that most water guns are sold bagged or carded, so unless a piece is relatively rare, it will most likely be almost worthless to a collector unless it is MOMC (Mint On Mint Card) or MIP (Mint In Package).
Unless, of course, you plan on enjoying your collection by squirting everyone and everything in sight,...
Happy Collecting!
Web Resources:
Digital Waterguns
http://www.sinasnet.nl/Watergun.HTML
"The largest water gun museum on the internet." Pictures, FAQs, links to manufacturers.
HowStuffWorks
http://entertainment.howstuffworks.com/water-blaster.htm
A "mechanics illustrated" for all types of water guns from the classics model to the Super Soaker.
iSoaker.com
http://www.isoaker.com/Info/history_supersoaker.cfm
History of the Super Soaker.
The Physics of Water Pistols
http://www.sinc.sunysb.edu/Stu/qle
The science behind how water guns work.
The Ultimate Water Gun Page
http://entertainment.howstuffworks.com/framed.htm?parent=water-blaster.htm&url=http://www.tikaro.com/watergun
History and description of custom-made water gun, along with instructions for making your own. Also offers a 2-week loan program for those lacking the prerequisite fire extinguisher.
Water Gun Mania
http://www.i-mockery.com/minimocks/Water-Guns
Illustrated history, including pics of some of Entertech's realistic motorized water guns from the 1980s. Also has the original Entertech commercial for download.