If I'm understanding right, you have a turret clip that rotates inside your ship, and you want the bullet to come from the end of the turret. Then you'd actually want to have an empty turretPoint movieClip *inside* turret, where you wanted the bullets to come out. Then you can do something like this inside turret:
point.x = turretPoint.x;
point.y = turretPoint.y;
this.localToGlobal(point);
The reason you don't want to do:
point.x = this.x;
point.y = this.y;
this.localToGlobal(point);
is because this.x and this.y actually give you the coordinate's in the *parent's* coordinate system. E.g., if turret.x = 100 means that turret is 100 pixels to the right of the parent's origin. But this isn't what you want -- you want to go to stage coordinates from the turret's coordinate system, NOT from the parent's coordinate system. So you need to go one level deeper. turret.turrentPoint is a point inside turret, so you can correctly go from the turret coordinate system to the stage.
It's a little confusing, but I always remember this: A clip's x and y are always in its parent's coordinate system.