In my opinion Point Blank 1 is hands down the greatest light gun ever created!
I personally wasted more money and time playing this in the arcades and then on the ps1 than I can count.
Point blank is brilliant on your own with a huge variety of levels and challenges to keep you sharp, but once you plug in a second gcon45 and play with/against a friend, it jumps to a whole new level.
Here is a fun video showing the gameplay:
How can I play Point Blank?
Point blank was only released in the arcade and on the ps1. (technically it also got a release on the ps2 in the Gunvari collection, but that is almost impossible to find and only available in Japanese).
So to play it, you can use the MAME emulator along with a ROM or you can play it on a PS1 emulator such as PSCXr on your PC. Of course you could still get a ps1/ps2, the disc a CRT TV and an original light gun if you are a purest. I personally like playing ion a big screen TV though so emulators are the way to go!
Longplay of Point Blank
Longplay of Point Blank, played as the NTSC version on the PlayStation