Er rudy, velocity is the combination of speed and direction. Maths 101:
To have your projectile going at a speed of 5 on the X axis, your velocity would be: 5 0 0
To have your projectile going down at a speed of 50, your velocity would be: 0 0 -50
To have your projectile angled at 45 degrees down at a speed of 25 from the ejection point, it would be: 25 0 -25
Got it?
Next, to have it go in the direction of the player, you need this code to calculate where he's looking:
%obj = %player;
%initPos = %obj.getMuzzlePoint(%slot);
%muzzleVector = %obj.getMuzzleVector(%slot);
%objectVelocity = %obj.getVelocity();
%muzzleVelocity = VectorAdd(VectorScale(%muzzleVector, %projectile.muzzleVelocity), VectorScale(%objectVelocity, %projectile.velInheritFactor));
%muzzleVelocity would be your projectile initialVelocity.