Basically what people have said it pretty much true. There is a small chance that with the flare and the punctured propane tank that you could have a "jet propelled" tank until the pressure escaped enough to stop it moving. But you're not going to have a big explosion or anything.
Also, a note on the C4. It *might* not ignite from black powder. It would depend on how much you packed in. If it did ignite, like was mentioned...*pow*, ruined weapon and you're likely picking shrapnel out of your face if you survive.
Finally tracers... yes, they can, but not every time guaranteed. You'd probably have to put more than just one into a gas tank to get it to ignite.
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