the quest "riding the red rocket" is currently dangerous.
When you take the element 115 at venture bay and board the rocket, its supposed to end the quest if you hit the X mark on the lumber ship of the opposing faction, and its also supposed to explode if you hit anything at all, and supposed to despawn* if you leave venture bay entirely. The rocket (or torpedo, if you prefer) is also supposed to be a water vehicle only, unable to really "fly". ( SOURCE: https://youtu.be/lx4RDBHBt8U )
In its current state, the rocket will not explode, will not finish the quest, and can be used to travel all around northrend at very high speed. With some ingenuity you can control height and use it as a flying mount, at low level, and apparently as fast as an epic mount. Also the rocket shields you with its own hp.
Issue: its not possible to use the dismount button on it. In my experience, staff intervention was the only way to leave vehicle, unless enemies manage to destroy it, or unless the fatigue zone on the corners of the world warp you out of it.