I got my ship to rotate about arbitrary axis. my next step is to get it to move up and down depending on which way it is facing. I got it to move up and down but not in the way it is facing after it is rotated.
void drawShip()
{
glPushMatrix();
glColor3f(1.0f, 0.0f, 0.0f);
glLoadIdentity();
glTranslatef(50.0f, 0.0f+thrust, 0.0f);
glRotatef(shipAngle, 0.0f, 0.0f, 1.0f);
glBegin(GL_LINE_LOOP);
glVertex3f(0.0f, 0.0f, 0.0f);
glVertex3f(-5.0f, -5.0f, 0.0f);
glVertex3f(0.0f, 10.0f, 0.0f);
glVertex3f(5.0f, -5.0f, 0.0f);
glEnd();
glPopMatrix();
}