well, this isn't too hard to do, especially if you've got the bullet hole graphic that's properly masked out to composite with a background graphic. i'd probably say you'll need 5-6 slightly different hole designs so it doesn't look like you're just re-using the same thing again and again.
i would place all the bullet hole graphics on the canvas, arrange them to spell out the words, then adjust the in points so that they come in in rapid succession.
if you have a soundtrack of the gunshots, add that to the project as well and use it for queues to bring in the bullet holes. otherwise, when you have the video complete, you can send it to Sountrack Pro and add gunshots from the sound effects that are part of that application.
scott
PowerMac G5 2.5GHz Mac OS X (10.4.5)