How does MY F-16 know when the bomb drop should occur if my buddy is lasing the target?
You’d drop it the same way you drop any other bomb on a target you want to hit. Designate your target (maybe using a steerpoint, or your radar, or a targeting pod) and follow the CCRP release cues until it falls off. You could also use CCIP, but typically if you have terminal guidance you want a longer fall time, and as long as it’s reasonably close to the target the guidance system will correct for small mistakes.