In sloperama faq there is something like 'they can sue me for doing this kind of thing', but i still think that you can put real AK-47 or M4 in your game with its real name and not get sued.
There is a trademark filed with the United States Trademark and Patent office for the phrase "AK47", which covers video games and firearms, among others. So if you have a gun called "AK47" in your game without a license, you could violate this trademark and open yourself up to legal problems. I'm not a lawyer, but if you insist on calling equipment in your game with that name, it is best to consult a lawyer and see what he has to say.

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