Hit the Block with the Wrench.
Select "Events".
Make an Event with the Following Parameters:
Set the Offset 0,0,10 (X,Y,Z), it spawns the rocket 10 units above the center of the block.
Projectile: What you want.
Extra Velocity: Makes it faster. Again, X, Y and Z. You don't need to change it, it's fast enough.
Scale: Self-Explainatory, actually. The higher the scale is, the bigger the projectile is.
1.000 is default.
If you click on it without having any tool selected (Simply close the Tool Menue), it will shoot a rocket upwards.