Sure. What it can stop will depend on the thickness of the iron, and the capabilities of the projectile being fired at it.
Bullets
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The backstop. Usually a sheet of metal, set at an angle, bullets striking it are deflected down. Some strike a bed of sand, some water, some are deflected into a large round metal pipe, where the bullets spin until they stop.
by buying a new iron
At the end of the first movie matrix
Depends on caliber & velocity of the bullet.
If there is no oxygen available, iron can not form iron oxide
That depends on the level that the vest is rated for. For example, a NIJ levvel IIa vest will stop some types of bullets. A NIJ level II will stop even more types of bullets. A NIJ level IIIa will stop still more types of bullets. NIJ levels are I, IIa, II, IIIa, III, IV, and Special.
A cowboy gun is normally a revolver, which has six holes for the bullets to go in. But the cowboy would only put five bullets in for safety reasons. It was to stop the gun firing whilst it is in his pocket.
Substances that don't stop iron from rusting include:flourcementtoothpasteironlyemilkpastahairdirtcarbonwatersalad dressingaspirincopperpaperlavasulfurperchloroethylenemethanesilanestrychninetangsugarhemlockradonsaltetc.
Kevlar is used to stop some bullets. Normally it will stop pistol rounds but other rounds , especially an anti tank round.
Iron supplements.