If anyone here remembers the movie Cobra with Sylvester Stallone, you will remember the opening sequence has a footage of a bullet projectile being fired off from a gun. This was either done with a high speed camera or with a very good animation program. Anyway, I am looking for a place which sell this type of stock footage and have not been able to find it. If anyone here can point me in the right direction, I would be grateful.

Since it's a pretty old movie it was done with a high speed
camera (I haven't seen the shot). Or it may have involved optical
compositing as well.

Depending on your scene this shouldn't be too hard todo with
today's (serious) 3D programs. Do you know anyone who can
work with such a system? If so I'd see if that would be an option

lightwave8 is perfect for this :)

and fusion 5 would be the best thing to use to integrate something like this into your video :)

I guess if it would look realistic, it might be worth a try. Help me out here, I would need a projectile which I can probably make myself and the wave effect created as it flies...is there a better word to describe it?

Like Matrix I assume? I think that is called "bullet ripples"