The Bazooka is a long black tube with a handle protruding from one side near the end. It fires a single explosive projectile which will curve to hit the target, and then blow up a large number of bricks in a sphere around where it hits. Multiple items can be targeted by holding the attack button down ("F"), and running the mouse over one or more targetable objects. When the attack button is released, the Character will attempt to attack each of them, although it is possible for these attacks to fail (especially when movement on the Character's part puts the target out of sight).
This item does not seem to have appeared anywhere outside of the Indiana Jones video games.