I am using a MaxBotix ultrasonic rangefinder along with some shell scripts running on my Linux box. Not Arduino, but the same idea.
Here is my
Snow Page with a photo of the rig and the data from the rangefinder.
If you make one, be sure to have a solid, perfectly level target to bounce the ultrasound off of. Any misalignment will cause loss of signal and erratic results.
Greg H.