As the headline suggests, I have more than 50 Cobra Launchers in my multiplayer game, but I have no idea how to use them. I'm playing the PC version.

Select the Cobra launcher in item 5 on your quick keys and your character will then switch over to the weapon. Just fire away at the strongest enemy or it will be a waste against the weaker minions. You can use up to 2 launchers in a mission. — Teugene (Talk) 02:49, April 2, 2012 (UTC)

You can improve that with gold rarity upgrades, I think to a maximum of 5. Ctrl alt belief 18:08, April 18, 2012 (UTC)