"On touch end" event you can get touch speed and touch angle and use these values to apply momentum to the sprite. For example: "Set Bullet speed to Touch.SpeedAt(0)/2, Set Bullet angle of motion to Touch.AngleAt()". Or, if you are using Physics - "Apply impulse .. at angle .."
Rotation is trickier. You can use angle(sprite.x, sprite.y, touch.x, touch.y) and distance() expressions to get the angle and distance of the grab point relative to the sprite center. Say, if angle() is counter-clockwise from the angle of motion, rotate object clockwise. Set rotation speed depending on the distance. With physics - set angular velocity.