I do see what you mean ginge. I struggled with the def. being in the present tense - many of the options I had seemed to clue "ricochet" rather than "ricocheting". However I can see aristo's point about using the gerund nounal form (quite a handy device) albeit not seeming - as you say - a convincingly natural expression.
When in doubt use the substitution test :-
" I heard the bullet ricocheting down the alley"
" I heard the bullet kickback down the alley" ??
but aristo's example works for him :)
anyway back to the fencing job.