You should be able to keep your weapons! Also, I'm not a fan of the 1 game type where it lasts 30 seconds and when you die you wait untill the next round. Other than that, I'm loving the game!
In all reality, this game is as horrible as Justin Bieber himself. If the developer thinks putting Justin Bieber's head on some random animated body while you [literally] throw punches at him with crappy animations, then they are messed up.