Repeat use until the ship is destroyed, correct?

Yes. Or until they get discarded by an outside influence (Boba crew or the riginal damage deck crit Weapons Malfunction).

If your unguided rocket lasts for more than 4 hours, see a doctor

5 minutes ago, Joe Censored said:

If your unguided rocket lasts for more than 4 hours, see a doctor

Apply it directly to the enemy's forehead

23 minutes ago, AngryAlbatross said:

Apply it directly to the enemy's forehead

That's only for moderate to severe unguided rockets.