The present invention is a toy projectile and launcher system. The lightweight projectile has an exterior surface symmetrically disposed about an imaginary longitudinal axis. The launcher has a holding cavity composed of three semi-flexible sides, two of which sides apply counter-acting forces to the surface of the projectile along the imaginary longitudinal axis. The launcher has a mechanism for applying a motive force perpendicular to the counter-acting force vectors and perpendicular to the projectile's imaginary longitudinal axis. When the motive force is applied to the projectile, the semi-flexible sides deform and return to pre-deformation positions, thereby launching the projectile into flight.