is it about 120mph for a falling object from a static drop? So something to due with airspeed and drop angle calculated with normal TV of earths atmosphere.
But i was wondering if the fastest the bomb would be is when it is dropped, as this may be as high as 500mph. So is the bomb decelrating the whole time? (i didnt read the whole thread so forgive me if its been suggested.)
No. The bomb would be at it's slowest when it is first dropped
The bomb would be accelerating the whole time until it reaches its <drum roll, please> Terminal Velocity.

That is, of course, if the bomb in question is dropped from a high enough altitude for it to reach its potential terminal velocity.
The following equation (and the values of the variables) are all that is needed to determine terminal velocity. Nothing less, nothing more.

The only thing that will be affected by any other variables not included in the above equation such as angle of drop, etc, is the
TIME IT WILL TAKE to REACH it's terminal velocity.