Didn't read everything here in detail, but here goes:
Dutch Flander, you are misinterpreting what you saw. Nearestobject can only find objects that are within 50m of the "center" object you give it. However, that has nothing to do with where the player is. That was just specific to the way you were using it.
Grendel, I think you are approaching this the wrong way. First off, when a bullet hits something, its velocity doesn't go to 0; the bullet actually disappears; it is deleted entirely. So you can't wait until it's velocity is 0, because by then the bullet isn't in the game anymore.
What you can do is have a loop that updates the bullets position in a variable, and exits once the bullet no longer exists:
#Loop
_pos = getpos _bullet (_bullet would be gotten from the nearestobject command in the EH)
? _bullet == _bullet : goto "Loop"
;//now do something with _pos
Another thing to note: you can give a POSITION to the "nearestObject" command, instead of an object and an object type. Example:
_obj = nearestObject[200, 1341, 2]
In this case, it will return the object of ANY type that is closest to the position. It can return units, triggers, bullet holes, bushes; anything. However, this wouldn't be reliable, because for example, if a bullet hits the edge of a tank, the "nearestobject" to where it hit could be a bullet hole on the ground (since the "tank" is considered to be in the middle of the model, which could be a full meter away from the impact)
As a final note on the command, I made a function so that you can find the nearestobject out of a list of object types, which may be useful to you. Grab it here:
http://www.ofpec.com/editors/funcref.php?filter_func=43-----------------------------
However, I think there is a better way to approach this problem. I believe that there is a part of a bullet's config that defines the 'drop' effects for the bullet hitting different surfaces, such as water, ground, people, vehicles, etc. That would be much easier to use, and much more reliable than scripting. I'd look in the official config, under the base bullet class, to find out more info.