Torpedoes move at a configurable warp (which should be higher than the max ship speed) and have a random life of three to five seconds. Torpedoes will detonate and do full damage if they get close to a ship, and do less damage to objects at a longer distances. Torpedoes will not be detonated by a non-hostile player, but they will do damage if something causes them to explode.
Mines are simply dropped by a player, and remain active until a hostile ship comes within range (about one ship length). They will then detonate and inflict damage as per torpedoes to any ship in the local area. Since their onboard power is finite, they will detonate automatically after about 7-10 minutes of life, again doing damage to any ship in the local area.
When exploding, torpedoes can damage everyone who is near them. Thus it is possible to kill your own teammates and people you are at peace with.
Phasers must be within about 10 degrees of their target to hit (this 'range' is doubled if you have a sensor lock on the ship you are attacking). Phasers that hit will maintain a line between the two ships. The damage inflicted is again inversely proportional to the distance between the ships (linear for the sake of making the things work with reasonable damage values). It takes one second to recharge your phasers for another shot. As with torpedoes, Your phasers will affect teams you are at war with, or those who are at war with you.
Ships that explode will inflict damage as per a torpedo, albeit more powerful. Don't get too near one.