The behavior of an object in a game is often dominated by the context in which it resides. You could have a rubber ball in everything from Pong to Unreal Tournament, and they will be implemented with only a few commonalities. Frostyelk just suggested one way to make a rubber ball with C2. What didn't you like about his solution?
Another solution might be the physics behavior, which allows you to set a very high elasticity. Using physics or chipmunk will introduce additional complexity to your movement, so make sure that you want that complexity before you use it.