Based on velocity.
Get bullet velocity setup a branch with a float <=(crackspeed) then start an event.
But that is only working, when velocity gain is >0.
You could easy setup a timeline and trigger an event with that, after a given time.
Look into particles, or use basic rippleparticle for setup.
Your sounds, sound not positional, or are they?
Try using a mono-singlechannel audio file(create one) for flyby cue and test with that.
Edit - Here an example for flyby, or are you talking about the bounce/ricochet
