Unfortunately, there do not seem to be any tutorials that cover this subject - either for Illustrator or Photoshop. My only suggestion would be to study actual high-speed photographs of bursting balloons and try to duplicate the effect in your application of choice. Maybe if creating something from scratch is beyond your skill you could find a suitable stock photograph and then use Illustrator's
Live Trace feature to turn it into a basic vector image that you could then customise further. Here are a few links to get you started:
Apple Student Gallery - Balloon Burst (6009)
balloon-burst on Flickr - Photo Sharing!
High-speed photography: Take 2 | iamspartacus.net
Great Photos - High Speed Camera - Balloon Pop | Itay's World
PS: If you're using a non-stock image, don't forget to seek the image owner's permission to use it.