What exactly do Cherry bombs do. I read on another post they can "Make you rich."

Basically, cherry bombs are firecrackers with around 5-10 times as much explosive material. Due to their size and roughly spherical shape (and in the case of the most popular ones, colour), they're considered to resemble cherries, hence the name. The other poster might have been referring to the fact that in-game they do not weigh anything and are fairly common, making them good http://tvtropes.org/pmwiki/pmwiki.php/Main/VendorTrash. They are also used in the creation of the highly profitable bottlecap mines (total value of components: 48 caps. Value of created mines: 75 caps, increasing to 150 and then 225 with the additional schematics).