Yeah, that was quite a howler of a goof.
You've seen Guy Standeven in something because the man was in everything.

That's all you found wrong with this movie?
Seriously, I'm with this gentleman ^. You have a slicker wearing, batman-like stealthy dude running around an island who can magically hang bodies from inside of a closet and clean it up in a matter of minutes. Oh and he can crawl through vents like Catwoman and hook other dudes through the neck. Butthose 8 bullets in the revolver - unacceptable!

That's all you found wrong with this movie?

Keep in mind that the first shot Ray tried to fire didn't fire, plus the 8 rounds that did shoot. So the goof would be that the gun could of fired 9 rounds.

The Taurus Model 608 came out in 1997. It holds eight rounds of of .38Special/.357 mag.
The Smith & Wesson M&P (military and police) Model 327 R8 also holds eight rounds of .38Special/.357 mag. It wasn't available at the time the film was made. It came out around 2008, I think.

I am not sure what kind of revolver it was but it looks like a snub .38 which would only hold 6 plus you have to take into account one of the rounds beep up earlier in the scene.

There are some revolvers that fire eight rounds and not being sure what kind of handgun it was it might be possible.
http://en.wikipedia.org/wiki/Revolver