Been playing this for a few days now, friggin' awesome game. Has a slick lobby set up and everything, up to eight players in a game, and overly addictive. Graphics are quite nice as well, uses 3D particle effects with well-drawn koreanime sprites.
http://www.gunbound.net - Official korean homepage, game is ~100 meg download.
http://www.gunbound-hq.com - Fansite, lots of useful info here to get started.
Highly recommend anyone who liked Worms. I'm Pootify in there, if you want to try me
.
Note: after you first install the game, you have to fix something in the registry because the developers left a typo in the settings. Go under HKEY_LOCAL_MACHINE -> SOFTWARE -> SoftNyx -> GunBound, and edit the "Url_Fetch" key, changing the "fetch.gunbound.net" to a "fetch.gunbound.com". And you're set!