I was thinking of maybe trying to use the IR standards for printers / notebooks / handheld devices for the devices themself. I just am not finding enough quick info on the net about a few questions..
1) can an ir receiver pick up only specific ranges (in the cheap models)... This would be required for 2 player... And that would be needed.
2) can be done with cheap parts....
Still searching around... Would LOVE to get into this project, but not sure if I will have the time... At least to do anything soon.
I'm hoping I understand what you want to do right - you want each gun to be able to tell how it's being aimed based on the IR signal it sees, right? In answer to (1), yes there are different sensors that will pick up different ranges of light, but maybe not fine enough ranges within infrared... better to use all the same emitters and sensors and use flashing frequencies and band-pass filters, like someone else suggested. For (2), theoretically infrared sensors for the job you want should cost no more than $1 each max (check out
www.newark.com and search for 'infrared phototransistor' to see). Other supporting circuitry should be pretty cheap too long as you don't try and get it from Radio Shack. They have a 10x markup on LEDs, and somewhere round a 2x markup for chips.
If you're going for a gun reading its aim based on infrared LEDs next to the monitor, you could go with three placed like in the picture I (tried to) attach. Each gun can separate the three flashing signals with three band-pass filters and measure the strength of each signal. The strength of the signal can give you the difference in angle between the aim of the gun and the direction of the LED (and the radius of the three circles in the diagram), but you'd have to stand at exactly the distance you designed the gun to work for or it'd all change.
To get this to happen you can look at datasheets for infrared LEDs to find some that emit light uniformly in all directions instead of having a 'spotlight' beam. Then scan datasheets for the phototransistors looking for one that has a detection curve that will work. You'll need a compromise between one that only sees a light if it's pointed right at it, and one that doesn't change perception strength unless you go almost 90 degrees from the light... might be tough without a lens.
If you get all that to happen, then each gun can have a cheap microcontroller that turns the three signal strengths (three circle radii) into an (x,y) point and outputs an analog joystick signal, one for each gun. You can get microcontrollers capable of this for pretty cheap, if you have the equipment to flash their roms, and can do some assembly programming. And because the gun is detecting its own aim, you can have two of them without needing different detection frequencies.
Problem then is, your shooting game might not want an analog joystick signal for its lightgun input.

But I think this is a good place to start trying.
Try
Fairchild Semiconductor for your infrared stuff - I think they produce lots of optoelectronics. I think they have a website with datasheets.
(just thought of something - if you hold the gun at arm's length the position of the gun changes more than the angle of the sensor - were you going for detectors on the screen, and emitters on the guns? sounds like a tough project)