I won't name my ideas, but...
The bullet rips through Gnegg1's chest cavity, does the normal amount of damage created by such an impact, Gnegg1 dies, and the entire time Gnegg2 was bleeding from a hole in his chest, the corpse collapses to the ground, along with the firearm within it's hand. One hour later Gnegg1's corpse will disappear, along with a firearm and bullet.
Gnegg "jumps back" one hour in time, and is locked within a loop in which is continously kills Gnegg1, in otherwords he jumps back, fires the gun, than he returns to the point where he jumped back to, fires, returns to the point he jumped back to, fires...
Gnegg again jumps back in time, this time however he loses his nerve and jumps back, time goes on as it normally did, although Gnegg disappears for a short period of time an hour after the occurance. During this period Gnegg is suicidal and attempts kiling himself, although he loses his nerve after taking a good look at himself.
Gnegg jumps back, but does not survive this little jaunt (at least as Gnegg) as moving backwards in time also means moving backwards in physical location, this will result in several possibilities. a) Gnegg2 never exists, as the universe completely eliminates him because multiple structures cannot occupy the same space-time. b) A quantom vortex is created, as multiple structures occupy the same space-time, the rest of the universe is sucked into it at exactly the same time, and than there is a rather incredible implosion known as the "big bang." c) Gnegg remains concious as he moves backwards, he continues moving backwards because he cannot stop, through all states of matter, until he moves back past the creation of the universe, he than creates the universe as he can remember all time. Gnegg changes his name to YHWH. d)Gnegg jumps back, although he has a strange memory of jumping back just an hour previous...
Also there is the possibility that Gnegg would never move back in time because the universe would be unable to handle the paradox created by Gnegg killing himself, thus not allowing him to move back.
Sorry did not know about this previously, but to those interested this is actually from the lyrics (words?) of a recording by F'loom, not really a song, just... a recording.