Go to my thread on NikonCafe.com where you can see 50+ pages and hundreds of images on how to shoot water drops with a gun.
1) thanks for sharing all your experience and knowledge on the thread you pointed above. I'm also known as Rbid in NikonCafe.com, I joined that site 5 years ago, but due to my lack of time I stopped to follow the stuff over.. I should return there as well, I met interesting people over there, all with the same purpose: share their experience with Nikon Photography.
2) Welcome to NR, a forum that has a lot of fire and some smoke to dissipate...
Those are not bullets, they are pellets. They MIGHT be going 400 feet per second. Actual bullets fired from a real gun will be traveling at least 2000 feet per sec.
I guess the same technique can be used with faster bullets. Timing may be different, but posible following the same guidelines posted in the NikonCafe.com thread. The speed of a bullet depends on the caliber/length of the cane/distance from the object/etc.
The same thread has photos from faster bullets (A 5.6mm caliber or bigger).. just scroll down and look at the photos, also look here: http://www.nikoncafe.com/vforums/showthread.php?p=3200992 (Search for "Fake High Speed Photography" in NikonCafe.com)