I you were in orbit at 17.5k mph and you shot a bullet at 700 mph, you could not achieve escape velocity (25k mph). The bullet would still be in orbit, only it would be an elliptical orbit. Since your orbit would intersect the bullet’s orbit, it is possible the bullet could hit you eventually.
Not all that different from shooting a gun straight up into the air. I'm not sure why any sane person would do either.