Okay, I've been binging on mythbuster's lately. Season 4, episode 23 - they're testing a gunslinger myth. 6 shots before a silver dollar hits the ground.
Grant builds a machine that holds the trigger down (so the hammer swings free), and a motor rotates - continuously recocking the hammer. 6 shots off in less than a second.
One interesting tidbit - He was using a cap and ball pistol.
I'm hardly worried about them doing what they did - the 'machine gun' isn't exactly mobile, being mounted to a table and requiring an electrical supply to power the motor - for six shots. When if you give them access to other equipment, you have things like their air cannon.
But would the ATF be coming down on them if they weren't a popular 'educational' TV show beloved by the president, among other people?
As another note -they give 'legal warnings' a number of times that I think is actually legal. Such as the flamethrower.