var lookAtTarget:Transform; 
var damp: float = 6.0; 
var bullitPrefab:Transform; 
var savedTime: float;
var reloadTime: float = 5.0;

function Update () { 
    if(lookAtTarget) {

        var rotate: Quaternion = Quaternion.LookRotation(lookAtTarget.position - transform.position);

        transform.rotation = Quaternion.Slerp(transform.rotation, rotate, Time.deltaTime * damp);

        var seconds : float = Time.time;

        if((seconds - savedTime) > reloadTime) {

           Shoot();
           savedTime = seconds;

        }
    }
}

function Shoot() {

    var bullit: GameObject = Instantiate(bullitPrefab , transform.Find("spawnPoint").transform.position, Quaternion.identity);
    bullit.rigidbody.AddForce(transform.forward * 1000);

}

All you want to do is save the time when you shoot, then keep checking if the time NOW is 5 seconds (or whatever your delay is) more than when you saved the time. Also, get in the habit of explicitly declaring variable types... it'll save headaches and game-cycles later... (Oh, and variable names normally start with a lowercase letter... that's sloppy coding on their part...)

I tried using the same script for my turret and all that comes up in the console is NullReferenceExeption (it looks at me but it doesn't shoot