The results of research for supercavitating motion in water at very high speeds comparable with sonic speed ~1500m/s are presented. At such speeds the water is a compressible fluid and the basic compressible hydrodynamics of supercavitating flows together with practical approaches and experimental data are considered. The theory of ballistic projectiles motion is developed with emphasis on the problems of maximal range, lateral motion prediction and problems of minimal declination, hydro-elastic effects, and resonant oscillation frequencies. One main purpose of the article is an attempt to advance the level of understanding of the problem of very high-speed underwater launch by a comprehensive review of previous research on this topic.http://deepblue.lib.umich.edu/bitstream/2027.42/84267/1/CAV2009-final72.pd