This is discussed in the 'how to dispose of live ammo" thread.
Bullets are not very dangerous unless the whole round is contained. Small rounds are like overgrown firecrackers without the gun. You need the receiver to hold the casing still so it doesn't go flying. You need the barrel to keep the expanding gases behind the bullet long enough to transfer kinetic energy to it. Outside a the firearm a small arms cartridge is less dangerous than a aerosol can, however at very close range it could prob still put your eye out and cause hearing loss.
speaking of aerosol cans few people realize that they have dozens of mini pipe bombs in their houses.
http://chemaxx.com/aerosol2.htm