If you've solved your collisions problem, here's an answer for your dropping bombs problem. Doing it by having 5 boolean variables would be a rather unrefined way of doing it; instead simply use an integer to record how many bombs your boat has left to drop, and each time it drops one, reduce this value by 1. Here's some example code:
//Create a variable to hold the number of bombs left.
var bombsLeft:int = 5;
//Create an event listener to listen for mouse clicks; upon a click, we'll drop a bomb.
addEventListener(MouseEvent.CLICK, dropBomb);
//The function dropBomb:
function dropBomb(event:MouseEvent):void
{
if (bombsLeft > 0)
{
//Create a new instance of the Bomb class; this could be an object in your Library (if you're using the Flash IDE), which has a graphic inside it of a bomb.
var newBomb:Bomb = new Bomb();
//Position the bomb.
newBomb.x = boat.x;
newBomb.y = boat.y;
//Add it to the stage
addChild(newBomb);
//Reduce the number of bombs you have left.
bombsLeft--;
}
//At this point you could check if bombsLeft is equal to zero, and maybe increase it again to some other value.
}
This doesn't include code to then move the bomb downwards, but you can do that fairly simply using an update loop. If you're struggling to do that, let me know and I'll give you another example.
Hope that helps.
debu