Inventory was full, server Hardcore NW US.
Right click on cartridge in the longhorn in my hand. DayZ crashed.
Tried to log back in an it crashed again, though this may be unrelated as that server had 0 players.
Logged in a second time to a server that some players and I had lost all items that were not clothes or on my back. SKS was unloaded, longhorn had gone, but I could select it from my hotbar and it would go into my hands.

Cannot reproduce as I dont have ammo anymore :-(

Log Name: Application
Source: Application Error
Date: 7/13/2014 6:00:25 PM
Event ID: 1000
Task Category: (100)
Level: Error
Keywords: Classic
User: N/A
Computer: Alienware18
Description:
Faulting application name: DayZ.exe, version: 0.47.124.558, time stamp: 0x53c0004c
Faulting module name: DayZ.exe, version: 0.47.124.558, time stamp: 0x53c0004c
Exception code: 0xc0000005
Fault offset: 0x0035cd02
Faulting process id: 0x234c
Faulting application start time: 0x01cf9ec29fc46168
Faulting application path: c:\Program Files (x86)\Steam\steamapps\common\DayZ\DayZ.exe
Faulting module path: c:\Program Files (x86)\Steam\steamapps\common\DayZ\DayZ.exe
Report Id: b566ce6b-0ad0-11e4-be97-240a649f5cf6
Faulting package full name:
Faulting package-relative application ID:
Event Xml:
<Event xmlns="http://schemas.microsoft.com/win/2004/08/events/event">

<System>
  <Provider Name="Application Error" />
  <EventID Qualifiers="0">1000</EventID>
  <Level>2</Level>
  <Task>100</Task>
  <Keywords>0x80000000000000</Keywords>
  <TimeCreated SystemTime="2014-07-13T21:00:25.000000000Z" />
  <EventRecordID>206587</EventRecordID>
  <Channel>Application</Channel>
  <Computer>Alienware18</Computer>
  <Security />
</System>
<EventData>
  <Data>DayZ.exe</Data>
  <Data>0.47.124.558</Data>
  <Data>53c0004c</Data>
  <Data>DayZ.exe</Data>
  <Data>0.47.124.558</Data>
  <Data>53c0004c</Data>
  <Data>c0000005</Data>
  <Data>0035cd02</Data>
  <Data>234c</Data>
  <Data>01cf9ec29fc46168</Data>
  <Data>c:\Program Files (x86)\Steam\steamapps\common\DayZ\DayZ.exe</Data>
  <Data>c:\Program Files (x86)\Steam\steamapps\common\DayZ\DayZ.exe</Data>
  <Data>b566ce6b-0ad0-11e4-be97-240a649f5cf6</Data>
  <Data>
  </Data>
  <Data>
  </Data>
</EventData>

</Event>