This is what the law says:
3. IMPORTANT INFORMATION CONCERNING
AR-15 TYPE RIFLES
ATF has encountered various AR-15 type assault rifles such as those
manufactured by Colt, E.A. Company, SGW, Sendra and others, which have been
assembled with fire control components designed for use in M16 machine guns.
The vast majority of these rifles which have been assembled with an M16 bolt
carrier, hammer, trigger, disconnector and selector will fire automatically
merely by manipulation of the selector or removal of the disconnector. Many
of these rifles using less than the 5 M16 parts listed above also will shoot
automatically by manipulation of the selector or removal of the disconnector.
Any weapon which shoots automatically, more than 1 shot, without manual
reloading, by a single function of the trigger, is a machine gun as defined in
26 U.S.C. 5845(b), the National Firearms Act (NFA). In addition, the
definition of a machine gun also includes any combination of parts from which
a machine gun may be assembled, if such parts are in possession or under the
control of a person. An AR-15 type assault rifle which fires more than 1 shot
by a single function of the trigger is a machine gun under the NFA. Any
machine gun is subject to the NFA and the possession of an unregistered
machine gun could subject the possessor to criminal prosecution.
Additionally, these rifles could pose a safety hazard in that they may
fire automatically without the user being aware that the weapon will fire more
than 1 shot with a single pull of the trigger.
In order to avoid violations of the NFA, M16 hammers, triggers,
disconnectors, selectors and bolt carriers must not be used in assembly of
AR-15 type semiautomatic rifles, unless the M16 parts have been modified to
AR-15 Model SP1 configuration. Any AR-15 type rifles which have been
assembled with M16 internal components should have those parts removed and
replaced with AR-15 Model SP1 type parts which are available commercially.
The M16 components also may be modified to AR-15 Model SP1 configuration.
It is important to note that any modification of the M16 parts should be
attempted by fully qualified personnel only.
Should you have any questions concerning AR-15 type rifles with M16
parts, please contact your nearest ATF office. Our telephone numbers are
listed in the "United States Government" section of your telephone directory
under the "United States Treasury Department."
All it would have to do is double one time for the ATFE and they own your butt. You read the law, you decide, is it worth it?