According to Lynyrd Skynyrd guitarist Gary Rossington in a 1992 Goldmine interview, this song is about the bullets Billboard charts use to signify a song is moving quickly up the chart. If a song is "#12 with a bullet," it is at #12 but will probably go higher next week. Skynyrd had not had a hit in a while and this was a message that they wanted to get back on the charts.
This song was about regaining dominance on the music charts, but Gimme Back My Bullets was the weakest selling album of Skynyrd's career to that point. It was their fourth release, and the first produced by the famous Atlantic Records engineer Tom Dowd, who was allowed to produce two bands outside of Atlantic every year (Skynyrd was on MCA).
This was never released as a single. The only single from the album was the non-charting "Double Trouble."
Lynyrd Skynyrd recorded this with only two lead guitarists: Allen Collins and Gary Rossington. Third lead guitarist Ed King had left just before making this album. When this album didn't sell as well as expected, another guitarist, Steve Gaines, was brought in.
Fans started throwing bullets and other objects on stage when they performed this. They had to take it out of their set list because they were afraid someone was going to get hurt.