Do you know Robin Hood? even he would be jealous of those arrows.
We have introduced a new system for bows and arrows. Any bows you find as loot or craft with the fletcher's tools, once you double click them they will ask you to select what type of arrow you want to use. You will have to craft those arrows using a fletcher's tool (Special Arrows and Special Bolts). These include:
Explosive Arrows (You need lava dust from Fire Elementals)
Lightning Arrows (You need thunder dust from a new elemental)
Armor Piercing Arrow (You need air dust from Air Elementals)
Freezing Arrow - (You need ice dust from Ice Elementals and Snow Elementals)
Poison Arrow (You need poison dust from Poison Elementals and Acid Elementals)