It is just something that some cats do. They like to play and I know sometimes their nails get stuck on a fuzzy mouse and as a result they shake thier paw and the mouse going flying into weird places
My boys do this, and I actually seen them. They drop the item and then start to "Bury" it, like they would bury poop in the litter box, even tho there is nothing but air to bury it under!
They also "bury" their food bowl when they have done eating.
My siamese, Possum, always takes his babies (stuffed animal toys) to the food bowl. I always thought he was trying to feed them. I never have found any in the litter box though.