Well, I think you see the problem here. If there were a large amount of beer involved, you would have been able to hold the rockets until the engines ignited.
Sometimes, Too Much to Drink is not enough. 
I have at home a ‘toy’ that belonged to my older brother. I believed he played with this in the early 60’s.
You make your own Army men wtih this toy. Not plastic army men but lead. You have these little bars of lead and you have an electric hot plate and a ladle with a long handle and a form. You melt the lead, pour the molten lead into the form, wait a few seconds and then you have your own Army man.
Let’s review,
This toy features
Lead (in convienent bite sized bits)
A device to melt the lead
You must manipulate the molten lead.
You make little lead Army men that you will throw at your little brother. (trust me on that last point)
Don’t forget the needle-sharp stylus they gave you to pry the cooked bugs out of the molds.
I’d actually give the original Vac-U-Form a slight edge over the Thingmaker in the danger department. Same hot plate and stylus, plus it required vigorous pumping of the suction handle, which could cause a clumsy kid to upset the whole thing. It was also real easy to get distracted and allow the plastic to melt right onto the hot plate. Great toy.
The oven (hot plate) was hot enough to sizzle on contact and leave a blister.
Glass? Acrylic? In *my *day (c. 1967) we had click-clacks made of steel!
Does anybody remember this 70’s toy maybe from Mattel, that had plastic dinosaurs you hatched in a heated plastic dome from bricks about the size of Starburst candy. They could then be crushed back into the little bricks after heating in the dome again.
You forgot the lead paint to decorate them with.
I had click-clacks as a kid, and played with lawn darts once. I also fondly remember the creepy crawlers finger-singeing fun.
I’ll go with fireworks as the world’s most dangerous “toy.”
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Fireworks – by definition! – are “toys” designed to explode into flames at close range . . . when they are working properly! When they malfunction it’s even worse.
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Fireworks are often marketed at “family” gathering events: Independence Day, etc. and as such are often (mis)handled by children. And often adults, too.
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Fireworks are cheap and readily available almost everywhere. Which increases the probability that they’ll find their way into inexperienced hands.
I have nothing against fireworks, mind you. The Fourth of July wouldn’t be the same without 'em. However, to the extent that they are marketed makes them very dangerous indeed.
Lawn darts, feh. Me and an extremely bored neighbor amused ourselves one day by throwing a regular dart back and forth at each other from a distance of thirty or forty feet, trying to see which of us could come closest to hitting something the other one was holding in his hand.
He won.
By putting the dart into my shoulder.
The good thing is, puncture wounds don’t bleed as much as regular cuts.
Ah, yes, the Strange Change Time Machine. Similar to Creepy Crawlers, in that you could get 2nd degree burn fun, over and over.
http://www.snowcrest.net/fox/str.html
In my mind it’s Agent Zero-M’s Sonic Blaster. My older brother got one in 1964 for Christmas and got to fire it inside the house exactly once.
Typical use scenario:
Firer, “Listen to this guys!”
KABOOOM!
Guys, “Wow, my ears are ringing! That was really loud!”
Firer, “Wha?”
You have to love the way it was designed to fire from the shoulder so it’s actually pressed against your ear when in use. Quickly pulled and now dearly prized by collectors the sound level has been measured at over 150 dBa.
What was with those little plastic planes that came with it? I couldn’t make a mold of them. Were you supposed to mold top and bottom, then glue them together?
My two most dangerous have already been mentioned: click clacks (mine were also glass)and Creepy Crawlers (remember the smell of the burning rubber? Awesome!)so I’ll offer two that, though not the most dangerous certainly held some potential for bodily injury.
Shrinky dinks. I remember burning my fingers on the melted plastic, because what seven year old can wait a whole five minutes for the things to cool off. I’m thinking the burning plastic probably wasn’t too healthy to inhale either. At least it *smelled *toxic.
I also had a Shrunken head Apple kit where you would carve a face onto a peeled apple using a template and then hang the apple in a plastic chamber thingy that had a light bulb in it, thereby drying the apple to create the shrunken head. Sharp knife for face carving; check. Pins to attach template to apple; check. Naked light bulb: check. God, I loved that thing!
Speaking of which, how did Easy Bake Ovens not become little incubators of salmonella and other forms of food poisoning?
See, that’s the thing. You take away the lawn darts and the Creepy Crawlers, and then kids have to be so much more creative to damage each other. Instead of a 2 cm blister, you get a tetanic puncture wound. That’s progress! 
Because the incandescent bulb got hot enough to kill the germs. The original Easy Bake Ovens were carefully designed so that a kid couldn’t get burned, however, a few years ago, some Einstein decided to redesign the thing. To be fair, the appearance of the ovens was a bit dated, but the idiots didn’t bother to pay attention to the safety aspects of the original design, and lots of kids wound up getting burned, forcing a recall and redesign. I remember reading an interview with either the original designer, or someone who knew him very well, and they were rather livid about the screw up.
You can, however, cook an entire Thanksgiving dinner in one with no ill effects, provided, of course, you don’t use a CFL or LED bulb.
Not sure if this will qualify as a toy, but it was sure dangerous. My older brothers and I shared one bike growing up. It was an old hand me down, not sure of the make, but it was almost as big as modern 10 speeds, only with no brakes of any kind. You had to slow down by going into some grass or up an incline. Dragging feet and ruining shoes would get a smack.
Heh, this past 4th of July my SO and his brother, ages 33 and 34, both stood on the deck and shot bottle rockets and m 80’s AT THEIR OWN KIDS. Nobody got hurt, their defense was that they did it to each other as kids. 
I nearly broke my nose playing with a Skip-it once. I was born too late for all the really dangerous toys, but I know kids well enough to know that no matter how “safe” the toy, they are still going to hurt themselves or someone with it. One of mine tried to choke her cousin with a stuffed pink panther.
Exactly the toy I meant. Some other kid had that, but we all had different Thing Makers. Creepy Crawlers were just one set.We had microscopes, chemistry sets, rock tumblers, and one kid even had a diamond blade rock cutting table saw by twelve.