Your local recycling center is probably not equipped to handle your torpedo. The materials used in the torpedo can be recycled- well, at least most of them; don't know if it's 100% recyclable- but that will require a much more dedicated deconstruction than your local place is able to do.
Also, what the hell were you doing with a torpedo?
However, if you have Christmas lights you want to get rid of, please feel free. Seriously. If you still have the Christmas lights up, take them down. There are people in Watertown alone who've already reconfigured them for Valentine's Day and St. Patrick's Day in the time you've left them up.