making bullet hole

I know that there are tons of topics on this already made, but none are too heplful.

Im trying to make bullet holes, and my bullets are actual objects moving at high speed. When they collide with the wall, how do i apply a material to that specific spot?

I have a bullet holes material but i just dont know how to apply it to a specific spot, and ideas?

Make a ray to find a hit point. http://unity3d.com/support/documentation/ScriptReference/RaycastHit.html http://unity3d.com/support/documentation/ScriptReference/Physics.Raycast.html

var ray : Ray = camera.ViewportPointToRay (Vector3(0.5,0.5,0));   
    var hit : RaycastHit;

Physics.Raycast (ray, hit);
var coord = hit.point; //coordinates of hit in 3D

And in that coordinates put small plane with bullet_hit texture or use single particle. To put plane make a prefab with this plane and texture and than Instantiate it when bullet hits something. Rotation of this plane define also by using another RaycastHit properties