The AR-15 / M-4 platform has been converted into a whole slew of calibers. One of my favorites is the 5.45x39mm, otherwise known as the AK-74 round. It used to be incredibly cheap to shoot, until the ATF wrecked it… But, you can still find deals.
Since the round is so similar to the 5.56 / .223, it takes very little to convert your rifle to this caliber. Ballistic Advantage makes a number of barrels for this caliber. They also make bolts for this set up. They do a great job using high quality materials, such as Fail Zero Nickel Boron Coatings.
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