Oh, I love Mercenaries! I've played through it a couple of times already on a rental; once catching the cards and once killing them. Usually I only used the light machine gun the cards drop, and a sniper rifle. Good stopping power for up close and the long rifle to pick em off. The last thing I did yesterday was the mission to blow up a bunch of Chinese gas trucks, so they're really pissed with me.
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I usually tried to capture them alive... but... if they annoyed me I usually caugth them with a tank shell or a rocket (w00t)