Just stumbeld upon this tutorial @ the fabulous instructables site. It shows a cheap way to build your own bullet-time rig. The project was developed by Graffiti Research Lab and director Dan the Man for his latest music video featuring rappers Styles P, AZ and the Large Professor.

Check out the tutorial:

www.instructables.com/id/How-to-Enter-the-Ghetto-Matrix-DIY-Bullet-Time/

video (to see the video in a better quality visit dantheman.tv)