And Now for Something Completely Different:
Let $f_k= \begin{cases} -2, & k=-1, \\
1,& k=0,\\
{1 \over 2},& k=1,\\
0, & \text{otherwise}\end{cases}$,
Formally we have $1+{x \over 2}-{2 \over x} = \sum_k f_k x^k$ and so
the constant term of $(1+{x \over 2}-{2 \over x})^4 $ is found from the convolution
$\sum_{k_1+...+k_4 = 0} f_{k_1} ... f_{k_4}$.
Note that if any of $k_1,...,k_4$ are not in $\{-1,0,1\}$ then $f_{k_1} ... f_{k_4} = 0$.
Let $K= \{ (k_1,...,k_4) | k_1+...+k_4 = 0, k_i \in \{-1,0,1\} \}$.
It is not hard to see that the $K$ contains 1 element with no $-1$, $12 = 4 \cdot 3$ elements with exactly one $-1$ and $\binom{4}{2}$ elements with exactly two $-1$s. Computing the product $f_{k_1} ... f_{k_4}$ for each gives
$1 \cdot 1^4 + 12 \cdot (-2 \cdot {1 \over 2}) +6 ((-2)^2 \cdot ({1 \over 2})^2 ) = -5$.