Toy cycle (10) includes frame (11) supporting seat (30) and front fork assembly (20). Front fork assembly (20) is pivotally secured to the frame and is movable between a first position and an alternate raised position. Front (26) and rear (40) wheels are removable and the front fork assembly (20) is pivoted upwardly to a missile launch configuration. Cycle (10) includes removable handlebar assembly (12) which is separated from front fork assembly (20) and fitted within aperture (95) formed at the lower end of frame (11). With the wheels (26, 40) removed and front fork assembly (20) raised to the launch configuration, a pair of simulated rockets (41, 42) are assembled upon the front fork assembly and are able to be launched by a spring launch mechanism within the front fork assembly.