You can do it very easily by using a couple of built-in functions. You'll want to determine its current speed and angle the moment it's dropped. Create an object with the drag and drop and physics behaviours.
Every tick, you'll record the object's X and Y - this becomes the previous X and Y.
To determine speed, use the formula of speed = distance / time. Distance is that between the old X/Y and current X/Y. Time is delta time. Distance(previousX, previousY, currentX, currentY)/1*dt.
To determine the angle you use a similar principle, but using the built-in angle function: Angle(previousX, previousY, currentX, currentY).
Apply the results to a physics impulse at that speed and angle and you've got yourself a solution.
Example capx [R117]: here.
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