I don't have results yet, but I am currently working on a DIY high speed flash system (LED array connected to a picaxe microcontroller) for catching high speed stuff. (falling ink blobs)
using a microphone seems like a good way to catch the sound and trigger a quick LED flash, but building a circuit to catch that sound is currently beyond my skills, so i'm just making an box filled with LEDs that flashes quickly, and shooting against a very matte black backdrop. when the bullet is in the frame, one of the light flashes will (hopefully) catch it, letting you see the object clearly. if it flashes too fast, you will see multiple ghost like copied of the object moving across the frame. the black backdrop absorbs excess light from the flashes that pick up nothing.
if you aren't a DIY guy, but want a similar effect, cheep LED Christmas lights flicker at 60hz. you might have luck capturing pellets or paint ball bullets at this speed. its an ugly solution, the results may not be the best, but its a cheep and easy way to 'try out' an idea before investing a lot of cash into a proper system.