We used to do this all the time when we were kids. If you can say the same, then you're probably over 50 too. And really, it was all perfectly safe, just as long as you didn't accidentally pour the hot molten lead on your hand or foot, in which case all bets were off. If all went well, you ended up with something like this:
But that wasn't the final output, it was just a prerequisite for putting the finished toy soldier into the molten lead and making all manner of screaming noises and sound effects. Great fun!! Sooooo much better than the classic boyhood pasttime of setting objects on fire with a magnifying glass.
If you've grown up a little, you can even cast your own Nativity Set. While you could put the Wise Men into the molten lead, I wouldn't advise it. Do that to the Little Baby Jesus and brother, you're on your own.
What made me take this stroll down Memory Lane was Brian Kane's link to One Man's Blog's summary of Radar magazine's article The 10 Most Dangerous Toys of All Time. Those toys, dangerous? Maybe for girls.