Came to me in the shower.
OK, here's my idea.
If you're caught doing something illegal with a handgun it is confiscated and destroyed. People can have their guns voluntarily destroyed or deactivated (by means of injection of a binary epoxy into the mechanisms) for a rebate at police stations.
No more guns can be sold to anyone other than police and military. A black market will exist but it wouldn't be too hard to control. Ideally guns would have electronic firing mechanisms that check the ID of the shooter before actually firing, A.L.A metal storm. This would be done such that a gun stolen from a police officer would be useless.
Eventually handguns would filter out of the market. They'd become harder and harder to find, buy or steal and gun crime would plummet. People would resort to good 'ole knives and blunt instruments.
I recognise people feel strongly about this subject so please try to keep a level head when replying.
"Show me an operation that is running smoothly and I'll show you someone who's covering up mistakes. Real boats rock." - Frank Herbert