i suppose you don't need ballistic projectiles :)
unless you move the bullets very fast, it will freeze your app, vb doesn't support multithreading :(
No 3d effects in your game? The bullet doesn't go in Z axis?
Just plain move from x1,y2 to x2,y2?
Any vectors implemented in your game? (could be easier to work with. faster performance with the calculations...)
of course, it looks much more cool if you have many bullets and explosions at the same time so i recommend you make up an array for a bullet UDT and youll get more fireworks in your game.
How about the game engine? A game loop that blits the screen with api or directX?