I'm not sure about the processing power and time resolution, but in terms of geometry i know it should be possible to use the stereo speakers and the microphone on the N900 to acquire a 2 dimensional image from the surroundings by sonar.
If the framerate is fast enough, you don't even need to just do single pulses, use a pseudo-random number generator to pick the frequencies and then look for the spikes in the recorded sound for the frequencies in the order they came out; if t is really fast it might even sound close to white noise.