To answer this question you would need to know the geometry of the fly wheel. A 6' flywheel would have a lot more energy than a 3' flywheel. If the weight was distibuted away from the axis and towards the circumference (as it is in most flywheels) this would also increase the stored energy.
Quick answer: "impossible". Spinning flywheels don't create energy. The horsepower and torque necessary to spin a flywheel up to 500rpm must come from somewhere. That being said, there are unnamed variables which make the calculation of how much kinetic energy is stored in a 40 pound flywheel impossible. How big is the flywheel? Is it a uniformly dense disk? Is most of the weight on the edge, with spokes? Too many variables, and the maths would be well beyond me. Finally, horsepower and torque are the wrong way to think about energy unless you are referring to autos, or at least automobile style engines. Horsepower is the capacity of an engine to speed something up. Torque is how much pulling power an engine has. Examples: putting a giant flywheel in an engine will lower its horsepower measurably, because the engine will need to put energy into getting the flywheel up to speed. On the other hand, a flywheel, whatever the size, doesn't affect an engines torque. A truck with a hugely heavy flywheel on the engine can still tow the same load, since the energy going into spinning the flywheel up to speed is still energy contained by the drivetrain. Big rigs have giant straight six Diesel engines with a long crankshaft, huge flywheel, heavy wheels and axels, and they might typically have 300 horsepower. However, all that spinning weight does nothing to the torque figures, which can exceed 1,000 foot pounds. Typically, automobiles have HP and torque figures within a few percent of each other.
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