With the exception of Lt. David Poole (Denis Leary) all the protagonists are armed with Colt Model 715s built up as M16A1s with A1-style triangular handguards. The ARVN Soldiers and C-123 airmen also utilize the Colt Model 715. They are fitted With A1-style buttstocks, pistol grips, A1 birdcage flash hiders, handguards and forward assists.
Colt AR-15A2 Sporter II
At one point, the rifle carried by Harvey Ashford (Doug E. Doug) changes from a Colt Model 715 to a different rifle, possibly a Colt AR-15A2 Sporter II. This rifle has triangular handguards, an A1 style pistol grip, and possibly an A1 style buttstock. The barrel is not visible though, so the rifle can't be thoroughly identified.
Norinco Type 56
The Norinco Type 56 is used by all NVA soldiers in the film. Some of them are also fitted with AKM-style slant compensators.
Handguns
Tokarev TT-33
When the NVA spies jump everyone in the city, one of them is armed with a Tokarev TT-33.
The M60 machine gun is briefly seen in a US pillbox guarding the base.
M60D Machine Gun
The M60D machine gun can be seen door-mounted on all UH-1 Huey helicopters in the film.
DShK Heavy Machine Gun
The NVA use a DShK heavy machine gun with anti-aircraft sights to shoot the C-123 carrying the protagonists. The crew then aim it at the protagonists as they bail out, but are not allowed to fire on them.
Miscellaneous
M26 Hand Grenade
The M26 hand grenade is worn by several US soldiers in the film ,and one is used to scare Spc. Ashford (Doug E. Doug) out of his Hooch.