Well, since it was asked...
The infantry .png image posted earlier shows a 'Panzerschreck'. Not a 'Panzerfaust', which was a completely different weapon.
'Panzerschreck' ('Tank frightener') is a nickname for a German bazooka, officically called the Raketen-Panzerbüchse (Rocket-Tank rifle or shotgun), abbreviated as' RPzB' . It was also sometimes nicknamed the 'Ofenrohr' (Stove pipe). A bazooka is a recoilless weapon, it is basically a tube, open on both ends, that fires a rocket. The rocket should burn completely inside the tube, expelling the exhaust gasses out of the back to equalize the firing forces to prevent recoil. This way half the fuel is wasted and range is short and muzzle velocity low, but the weapon can be made very light and the projectile can be relatively heavy. So the rocket burns very short, not like some rocket from an airplane. It sounds more like a slow gunshot, not like it does in most FPS games.
The RPzB fired an unguided rocket with a hollow charge warhead (HEAT), calibre 88mm. There were two main version, the RPzB 43 and the RPzB 54, the 43 didn't have a shield to protect the firer from the rocket blast, the later version (with shield) is depicted in the icon. As said, the rocket should use up all its fuel inside the tube, but this was not 100% perfect so a shield was added to protect against rocket exhaust gases. The weapon is crew-served, which means it is operated by a team of people, in this case a gunner and a loader, who also carried some extra ammunition.
The range is poor, wikipedia quotes and 'effective' range of 150m, but that is a meaningless number without knowing against what type of target. Against moving, unaware targets, 150 would be OK, for stationary target is could be much more, 250-400m. If the target were moving rapidly laterally across the firing position, 100-120m would be more realistic I guess.
Panzerfaust ('Tank fist'):
This is an individual weapon, so it was issued to a soldier and he carried and used it without extra help. It could not be reloaded, and it was a tube filled with black powder (old type of gunpowder as used in fireworks and antique musket and cannon). The blackpowder would fire a large projectile fitted on one end of the tube, the rest of the blast went out the back. This was to make sure there was no recoil. So this is not a rocket launcher, but a recoilless grenade launcher.
This is a cheap, one-use, throw-away weapon, unlike the Panzerschreck. The Panzerfaust was cheap and simple, but had an even shorter range, and a very curved trajectory, making aiming difficult. Ranges for early models are 30m, later on more powerful versions were made which could reach 60m and the last production model could reach 100m.
Movie time! Next up, an old German propaganda movie from 1943, demontrating different close-range anti-tank weapons. At 38 seconds, a demonstration of the Panzerschreck, followed by the Panzerfaust at 55 seconds. Both are early models.
Notice that the Panzerfaust is fired at a very short range, but still the gunner has to aim very high to hit. This early version was still called the 'Faustpatrone' (early name), and had a range of 30m. I also have a movie where the firing sound of the Panzerfaust can be more clearly heard, and it is markedly different from the Panzerschreck. And on a final note, if someone ever makes an animation, please note the backblast of these weapons, which can be lethal if someone/something was behind the weapon when it was fired.
http://www.youtube.com/watch?v=foty4VaRfXY
And as a bonus, demonstrations of the modern equivalents:
http://www.youtube.com/watch?v=hZxCtAaXivM
http://www.youtube.com/watch?v=2-O1hQasMB0
