A gunshot is a single discharge of a gun, typically a man-portable firearm, producing a visible flash, a powerful and loud shockwave and often chemical gunshot residue. The term can also refer to a ballistic wound caused by such a discharge.
Multiple discharges of one or more firearms are referred to as gunfire. The word can connote either the sound of a gun firing, the projectiles that were fired, or both. For example, the statement "gunfire came from the next street" could either mean the sound of discharge, or it could mean the bullets that were discharged. It is better to be a bit more specific while writing however. "The sound of gunfire" or "we came under gunfire" would be more descriptive and prevent confusion. In the latter phrase, in particular, "fire" is used more (i.e. "under fire"), as both words hold the same general meaning within the proper context.