We used to do the rocket bottle thing using the one- and
two-litre bottles. The website that talks about high-schooler bottle
rocketry limited the pressure to 60 psi. We used 150 psi in the
two-litre bottles, and they would explode at around 180. The one-litre
bottles wouldn't bang even at 200 psi. Both would get around 300 feet
of altitude if done up right. A wad of whatever (compressed foam
rubber?) duct-taped to the nose, three cardboard fins on the side, and
a launcher that had a close-fitting, long tube that ran up all the way
into the bottle to maximize acceleration before the air began to
escape. There was an O-ring at the base to seal the neck and a fork
arrangement to capture the neck ring. A release mechanism operated by a
long string completed the weapon. Prudence dictated hiding behind a car
or something to avoid shrapnel should the thing fail.
That was in 1990. The bottles of today might be different.

Dan