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Medicine Balls can be used for a variety of different things. Everything from making explosive movements tougher to doing best to balance while moving them/throwing them in different directions. I am going to go over a few great ballistic exercises you can do with Medicine Balls.
First on the list in Jump Squats with a medicine ball. Hold the medicine ball in your hands with a hand on either side of the ball, with it at your chest. Perform the squat (look at my Blog to learn the Squat exercise), then explode up into a jump. Begin to extend your arms upward after you begin to ascent of the jump, and when the peak of the jump hits your arms should be fully extended above your head. Bring the ball back down to your chest on the descent and go into the next jump. This is specific for most sports and teaches the legs and arms how to work quickly/explosively. This is great for anyone who wants to be in stellar shape.
Another one of my favorite requires a partner and a good amount of space. It's a Ballistic medicine ball throw while balancing. Stand on one foot and hold the medicine ball behind your head with both hands equally on either side of the ball. From behind your head, throw the ball at your partner while staying on that one foot (yes, you could both do it at the same time). Make sure that as you perform the movement you stand as tall as you possibly can, throwing with mighty force. At no point should you put your foot that is up down (until you're done the desired amount of reps of course). Switch feet. This is a great balance workout, great for your core (abdomen, glutes, low back) workout, and you are training your arms/shoulders to work quickly and powerfully.
Hope that helps a bit. Medicine Balls are always good because you really have to grip them for them to stay in your hands. If you belong to a gym, ask a personal trainer to show you some other medicine ball exercises you could do.