Riding the Red Rocket

Ok Boys and Girls here's what you do !
1 Go to General Gorlok in front of the Lighthouse and get the Quest @ 14.86
2 Go to the Goblin or Venture Co ship and get the Element 115. The ship is the Middle one @ 16.80 and the stuff in in the middle level of the ship in the very back Redish colored Barrells Pick one up.
3 Now run to the torpedos @ 13.89 and get on one.
4 It steers like a boat so doesnt turn very fast make your way to the Lumbership @ 22.84. Cool
5. Now just Ram into it and your Done go turn it in.

As far as taking back over the area Dont know The Alliance on the server I play on never seem to get it so have never had to...

The Alliance Lumberboat is located at (22, 84). Don't mistake it for the Alliance ship with Captain Brightwater on it like I did at first. :( It's a big wooden one (east of the docks) with the alliance banners on it.

Basically once you get on your red rocket *coughs and tries not to laugh*, steer left until you're heading north towards the lumberboat. Avoid all icebergs and ice floes along the way and thread through them! You WILL get stuck in them, and then ejected from your rocket, and then have to get that annoying Element 115 again. Think of this quest as those hokey waterskiing racing games you see all the time in arcades, where you have to avoid obstacles along the way.

Once you reach the lumberboat, regardless of the time you have left on your fuse, you'll be ejected high into the air with a parachute, and you should see some lovely fiery explosions on the boat.

Thanks to no one here who actually said how this quest is done. So I'll go ahead and do that. I'm Horde, so the instructions are for Horde. Sorry, Alliance.

First you need to capture Venture Bay. Easy enough. Enable PvP, and kill the guards and wait for the objective to be completely controlled by Horde. You will likely be waiting at least ten minutes, so you must enable your PvP as while waiting for your enforcements or you can't capture the objective. While standing there, it will wear off if you just kill the guards and wait, then you will need to flag yourself to get posession of the 'flag', much like you do during Eye of the Storm, and other PvP objectives when you have to wait it out. When the NPC spawns at the Lighthouse/Flag, get the quest.

Just to the north are three ships. You need to fly over to the middle ship to get down in to the galley to get an Element 115. You can only carry one on you, and it slows your speed. Fly back to the dock where Bubb Lazar is which is just south of where you picked up the quest, and you'll see four torpedos at the dock. Now with the Element 115 in your bag, you can mount a rocket.

Immediately you will begin moving on it, and quite fast, but be careful NOT to hit any ice floes, or anything for that matter because you'll smash the rocket and it knocks you in to the air, then you'll have to go back, get another Element 115 and start over. So get your bearings straight of where the lumber ship is first. It is just east of the three ships (can't miss it with the Alliance flags on it). Once you mount the rocket the best way is to veer left, avoid your ice floes and head directly to the Alliance lumber ship. Bash in to it, and you'll be knocked up in to the air and the quest will then be complete.