A very cool present which I got and was not able to find until recently was this. Did anyone else have it from the 70's?
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This was a rocket toy. It was a simple red plastic rocket. To launch it there were two cardboard tubes. One fit inside the other. You would extend the inner card board tube out as far as you could and place the rocket on the end. While holding the inner tube at the top with both hands with your thumbs holding onto the rocket, you would slide it down into the slightly bigger tube and create compressed air. As soon as you hit the bottom, you let go of the rocket and it would shoot up really far. The air would leak out really fast so you had to time it just right.