Originally posted by Fade
Although I wouldn't say no to the bullets rippling through the air either. 
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Do you have DFX?
It is possible to create this kind of effect with lightWave alone, but I just did a short test and I found a very, very quick and good looking way to create this with LightWave and DFX and you can change things about it in real time including color tinting and stuff of the sort, instead of having to render it out again and agian.
It's actually pritty simple but it will take a long time to explain why I do what.
I wouldn't mind creating a video tutorial if it wasn't for the fact that the link would get deleted from this forum.
If you are desprate I might consider writing a tutorial.