Hi there!
I saw a video of an iron asteroid that had a smaller asteroid orbiting around it.

Question: How big of a ball of iron would be needed that would distort space enough to support the orbit of another smaller iron ball? For instance would an iron ball the size of a basket ball be enough to support the orbit of a BB ?

Also, would it be possible to obtain the proper orbital velocity of the smaller ball by shooting it out of a shotgun provided the shotgun is aimed in the right direction?

I highly doubt a basketball would be enough.

Play around with this a bit:

http://www.1728.com/gravity.htm