How do I use schedule();?

function t2dSceneWindow::onLevelLoaded()
{
	  $waitVariable = 1;
}

function shootArrow()
{
	  if ($waitVariable = 1)
	  {
	        $waitVariable = 0;
			
			%this = new t2dStaticSprite()
			{
				scenegraph = SceneWindow2D.getSceneGraph();
				position = "-44.0 -9.5";
				size = "5.000 5.000";
				imageMap = "normalArrowImageMap";
				class = "normalArrow";
				CollisionActiveSend = "1";
				CollisionActiveReceive = "1";
				CollisionResponseMode = "KILL";
				CollisionPolyList = "-0.250 -0.250 0.250 -0.250 0.250 0.250 -0.250 0.250";
				ConstantForce = "0.000 35.000";    
				ConstantForceGravitic = "1";    
				mountID = "20";
				WorldLimitMode = "KILL";
				WorldLimitMin = "-50.000 -85.000";
				WorldLimitMax = "50.000 20.000";
			};
      //Set the speed for the arrow.
      %this.setLinearVelocityX($arrowX);
      %this.setLinearVelocityY($arrowY);

      //Update the arrow and rotate
      %this.enableUpdateCallback();
	  
	  schedule(50000, 0, "reload");
	  }
}

function reload()
{
      $waitVariable = 1;
}

Ok, the above code is a snipped piece of my script I made to take 50000 ms to reload (as a pausing time to keep players from spamming projectiles).

Basically, this is what it does:

function t2dSceneWindow::onLevelLoaded()
{
	  $waitVariable = 1;
}

The above code makes the $waitVariable start as 1 when the level gets loaded.

function shootArrow()
{
	  if ($waitVariable = 1)
	  {
	        $waitVariable = 0;
			
			%this = new t2dStaticSprite()
			{
				scenegraph = SceneWindow2D.getSceneGraph();
				position = "-44.0 -9.5";
				size = "5.000 5.000";
				imageMap = "normalArrowImageMap";
				class = "normalArrow";
				CollisionActiveSend = "1";
				CollisionActiveReceive = "1";
				CollisionResponseMode = "KILL";
				CollisionPolyList = "-0.250 -0.250 0.250 -0.250 0.250 0.250 -0.250 0.250";
				ConstantForce = "0.000 35.000";    
				ConstantForceGravitic = "1";    
				mountID = "20";
				WorldLimitMode = "KILL";
				WorldLimitMin = "-50.000 -85.000";
				WorldLimitMax = "50.000 20.000";
			};
      //Set the speed for the arrow.
      %this.setLinearVelocityX($arrowX);
      %this.setLinearVelocityY($arrowY);

      //Update the arrow and rotate
      %this.enableUpdateCallback();
	  
	  schedule(50000, 0, "reload");
	  }
}

This part makes nothing happen unless $waitVariable is equal to 1.
It then defines $waitVariable to be 0, and then creates a projectile and sets the velocities and the callback. Then it schedules the reload function 50000 ms later.

function reload()
{
      $waitVariable = 1;
}

Defines $waitVariable to 1 so that the cycle may start again.

This is the first time I have used the schedule function like this, so I know I am unfamiliar with this function. Anyone got any advice?