Timed events (that repeat)?

Questions & Answers
1

Would it be possible to have something like this: newgrounds.com/portal/view/417593 where the projectiles are shot at a set time interval (for example: every half second) at a set velocity without the need for mouse input?

2

Absolutely! Take a look at InvokeRepeating. You can use it to repeatedly call the specified function at a given interval.

The function that you call could spawn the projectile with a default velocity.

The script you've posted in the comments seems to be a bit of frankencode, but from it I think I can see what you're trying to do with it.

I think this is closer to what you want:

var projectile : Rigidbody;
var projectileSpeed : float = 10;

function Start ()
{
   InvokeRepeating("LaunchProjectile", 2, 0.3);
}

function LaunchProjectile ()
{
   var instance : Rigidbody = Instantiate(projectile, transform.position, transform.rotation);
   instance.velocity = transform.forward * projectileSpeed; // usually use AddForce
   Physics.IgnoreCollision( instance.collider, transform.root.collider );
}

If you don't understand any particular part, check out the Scripting Reference or comment back!