Code:

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var shootEnergy = 1;
var shootDmg = 0.1;
sound laserPew = <laserPew.wav>;
sound laserEmpty = <laserEmpty.wav>;
sound laserNoHit = <laserNoHit.wav>; 
var bulletSpeed = 50;

action bulletFly
{
	// Set the bullet positions and angles correctly to be fired.
	my.pan = camera.pan;
	my.roll = camera.roll;
	my.tilt = camera.tilt;
	my.x = plBiped01_entity.x;
	my.y = plBiped01_entity.y;
	my.z = plBiped01_entity.z;
	
	// Start the ticker.
	var ticker = 0;
	
	while(me)
	{
		ticker = ticker + 1;
		my.passable = on;
		c_move(me, vector(bulletSpeed,0,0), vector(0,0,0), ignore_me);
		my.z = my.z + 5;
	
		if (ticker == 50) // Length of time in pseudo-ticks that bullet stays "alive."
		{
			ent_remove(me);
		}
		
		wait(1);
	}
}

// Fire Gun Function
function PewPew()
{
var theTarget;
vec_set(theTarget.x, vector(10000, 0, 0)); // shoots 10000 quants
vec_rotate(theTarget.x, camera.pan); // shoots in the direction of the player (cameras pan, b/c 3rd person)
c_trace(my.x, theTarget.x, ignore_me + scan_texture | ignore_passable | use_aabb );

if(str_cmpi(tex_name, "TESTBOSS.MDL") == 1 && getEnergy() >= shootEnergy)
	{
		doDamage(shootDmg);
		subtractEnergy(shootEnergy);
		snd_play(laserPew, 100, 0);
		ent_createlocal("bullet.mdl", plBiped01_entity.x, bulletFly);
	}
	if(getEnergy() < shootEnergy)
	{
		snd_play(laserEmpty, 100, 0);	
		subtractEnergy(0);
	}
	else
	{
		snd_play(laserNoHit, 100, 0);
		subtractEnergy(shootEnergy);
		ent_createlocal("bullet.mdl", plBiped01_entity.x, bulletFly);
	}
	snd_stop(laserPew);
	snd_stop(laserEmpty);
	snd_stop(laserNoHit);
}  

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Thanks so much for your help. The above code works perfectly ;P