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Wanna bet I could build a GPS guided short range missle for 5k? combine a mobile phone with a couple servo's from RC planes, a bunch of G series model rocket motors and an RC plane, with a modest payload. DONE.
OH wait ISIS is already using drones to drop hand grenades....
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You can build one easily with a couple of arduinos and a rasberry pi. Bigger problem is how long does the model rocket engine burn for and how to get the ram jet (speed and airflow) to reliably work at altitudes needed.
This is cool but done often. Engineering projects when I was in college solved real-world problems as a capstone before graduation. Almost all, were just like this if it was for Raytheon, albeit with a novel concept or idea in one area. There would be more work needed in command and control and corrosion resistance. It would have to live statically on ship for long periods of time, again easy to solve.
When it comes to *need it right now* the military can procure and field quickly. Look at MRAPs and dozens of other examples. Look at harpoons, suddenly a power rises after the 90s and it's o crap, harpoons aren't good enough, no launchers on any of our ships. Modify an SM-2 to hit ships and then get this out in 2018.
AGM-158