"Bullet" Script or Particles? Need Help

I’m setting up a scence where there is a bullet shot from a gun going through a metal-llike material and going right through. My question is how should I simulate the material effect? I heard that blender 2.40 has a “bullet” script? I think. Or should I use particles? I know this is confusing, therfore I have some pictures, the first one is the actual test render and the second one is the effect I’m trying to achieve.

setting up a scence

A Still or an Animation?

If it’s an anim then what speed; bullet speed, slowmo, ultra-slowmo or forensics-slowmo? (all of which can be rendered at 25 fps).