To calculate the speed of a spud gun bullet, additional data beyond just the barrel length is necessary. Key factors include the volume of the combustion chamber, the amount of gasoline used, and the reaction dynamics between gasoline and air. Understanding the combustion process and the resulting gas expansion is crucial for determining the bullet's speed. The discussion emphasizes the importance of gathering relevant data and applying physics principles to derive the speed accurately. Overall, a comprehensive approach involving chemistry and physics is needed to solve the problem effectively.