5000 fps and it still didn't do justice to the propagation of the initial split of the balloon surface...

maybe 1.5 milliseconds? for the split to propagate the circumference of the balloon.

Maybe it's a 5" diameter baloon? The split is slightly oblong so perhaps a 17.5" circumference
Thats 0.000276199495 miles around the baloon... in 3 milliseconds..

That's 0.000276199495 * 333.333 * 60 * 60 for (miles per hour) = 332 miles per hour

..ish

If i give you my homework can you email me back the answers?

For extra credit, how much work did the balloon do on the water?

Work = force x displacement of object.

displacement of object (water before the burst) = 0

? * 0 = 0

Therefore, the balloon was doing 0 work on the water.

For extra credit, how did the water feel about being held, and what did it think of being released?

*length=80

The duration of this video has been updated from unknown to 1:20 - length declared by bareboards2.