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When you have a Grim reaper and aim down the sights, on the right you will see a small indicator pointing to a reel with a number one.
(like this)
1<
2
3
4

Now if you press LS (L3) down and the reel will move up a number.

after testing it I found out how to fire all 4 rockets at once

All you need to do is hold the shoot button when the indicator is pointing to the desired number of rockets you want to shoot.

I'm pretty sure it just shoots the rocket that's in that slot. Try shooting one then looking at the indicator, see if it changes.

Hmmm, intresting post, and it would be good if you could fire all four at once.

thats what I thought too.

I'm suspended from live just now (havent been paying for the last few weeks lol), I'm playing through the story again so when I find the grim reaper I'll play about with it till I find something