Mythbusters....

This is regarding the "Bond 1" show and the magnetic watch experiments, towards the end where they were attempting to duplicate the effects at any cost.

Point of error:

- The vast preponderance of .45acp ammo is made of copper jacketed lead. No magnet is going to attract or repel that on a linear basis.

They did however get a deviance from flight path using extremely strong rare earth magnets... but not for the reasons they proposed.

-Bullets spin for stabilization, 1 turn in 16". That doesn't seem a lot, but it's enough over a couple feet of magnets to induce a circular eddy current in the bullet, stopping the spin and introducing a gyroscopic instability because of the higher angular velocity of the rear surface of the bullet.
-Linear eddy currents can have some effect but the bullet does not fly close enough to the magnets for this to be a serious effect. See foucault braking.
-The material of the bullet would not have been directly affected by the magnet at all, it's non-ferromagnetic.

The only reason their bullet was affected at all was because it was moving, and sheathed in a conductive material. I'm inclined to hypothesize that a pure lead bullet, lead being a very poor conductor, would not be affected to a discernable degree.

I could also theorize that if you shot a light weight solid silver bullet in a fast-twist barrel through a strong enough magnetic field that joule heating would cause it to explode, but that's taking things a bit far :)