It's possible but takes fairly sophisticated triggering equipment like what Doc Edgerton used. Have the advantage of being able to see much of his work with only a 40 minute drive. His photographic work while he was a prof at MIT layed the groundwork for that form of photography. I don't know if they have any of it online but his most famous one is of the bullet traveling through an apple. If you can find anything on his work, it might explain the mechanics behind it.

Here is a link to the Edgerton Center at MIT that shows some of his work on the front page: http://web.mit.edu/edgerton/

Hoss, why go through all the trouble of a sohisticated set up when it may not be neccessary? If you want a head on shot of just a bullet, suspend it from a stand with a wire attached with hot glue. Photograph using any light source you want. Remove the telltale wire in PS, or just paint the wire black and have it against a black background. Be careful that the light doesnot reflect off of the wire.
Edgerton's experiments with apples, bullets and milk drops focused on stopping action of more complex subjects and effects thereby produced.

Doc also produced the forerunner of the modern flash. Ironically he couldn't get any camera company interested in it. Some of his later work focused on sonar technology with the Cousteaus as well as photography. While his most famous photos are of apples, bullets and milk drops, this is only a small part of his photographic work. Much of his efforts and equipment can be seen in the center built in his hometown here in Nebraska.