How fast does a bullet return to earth if you shoot straight up? It took me awhile, but here is what I finally found. Article
It depends on many things, but it looks like the come back at 240 feet per second, or 163mph. So don't shoot straight up.
Another good article here.
The thing that could be the biggest problem is not the downward speed of the bullet but it's horizontal speed. If it leaves the barrel at 2550 ft/s then whatever it hits, when fired at an angle, it will hit somewhere close to that minus the air friction. But you won't know where it will hit most likely. I remember in physics class in high school we found that shooting a projectile at a 45 degree angle gave us the greatest range. That could be miles I bet.