As for the original question of maximum height, you can pretty much plug numbers into 1st year physics equations to get an idea for how high it would go before falling. Take these equations:
Final Velocity = Initial Velocity + Acceleration * Time
-and-
Distance = (1/2 * Acceleration * Time Squared) + (Initial Velocity * Time)
Acceleration due to gravity is about 9.8 meters per second squared, or about 32.2 FPS per second. So let's take a pistol round fired at 1000 FPS (for now, I'll ignore mass - it's ok, Newton did too
). It will take 31 seconds for the bullet to reach 0 FPS, at which point it will start falling. Plugging that into the second equation, you get distance = .5*-32.2*31^2 + 1000*31 = about 15,500 feet.
The most precise way to figure it is following the energy loss of the bullet (as previously mentioned). Trouble with that is the rate of energy lost to drag varies with velocity (ie the rate is constantly falling). Figuring that would require knowing the drag coefficient of the round, and I'm not sure if that's the same as the ballistic coefficient, nor do I remember the calculus formulas to plug it into. Putting drag into the calculations would lower the height, so my method over-estimates the height. Now if the drag slows the spin of the bullet enough and it starts to tumble, you're looking at a separate equation to model the changing drag coefficient, and you start getting to some genuinely interesting formulas; at least I would assume so, that's over my head.
Sorry I can't remember the energy method, but I'm two years of business major courses removed from my last physics class.