ok man here's my take,
i actually am working as an assistant with a motion picture special effects company (who shall remain nameless) in california and one of the big things they specialize in is your "bullet-time." as sinjinza1984 pointed out, this is patented by silver productions, however, is not the only form of this technique out there. ours is called by a different name and we have it patented, and is basically the same thing, so you could probably try it and get away with it without anyone caring.
but my point is, i have actually set up a couple of these rigs, and they are INCREDIBLY complex. imagine 60-150 cameras that have to be set-up at the same height, distance, and direction from the camera depending on the action. They all have to be adjusted to hit the same spot, and once set, cannot be moved unless you want one frame to be off. Then come all of the different variables: shutter speed, camera timing, camera distance apart etc. Then, they all need to be interconnected with ethernet cable (yes the same ones you have connected to your computer right now) with a tiny computer that is mounted to the bottom of every camera. these computers are what trigger the cameras.
HOWEVER, to answer your question, yes it can be done with 96 cameras or one camera. you can do it with whatever number you want but then your cameras with have to be farther apart if that number is small. I have heard of people doing it with one camera, and i believe someone once told me that the opening sequence of the Howard Stern Show was shot with one camera (don't quote me on that.) also, you must consider if you want to use film or digital. Although digital is obviously the popular format, there will be complications with that. In terms of software, you will need some kind of software to trigger all of the cameras and adjust all of your variables (even if it is one camera.) also, you will need a stabilizer software that can stabilize all of your images into a "smooth" sequence once shot. Then any kind of compositing software can be used to take the rig out, most people use a green screen to help speed this process. Mind you, people charge a lot (and i do mean a lot) of money to do this kind of thing, so i applaud you if you do accomplish it. more power to ya.