Ultrafast optical excitation and detection of acoustic phonons has been used to analyze ultrathin films composed of NiFe/NiO/Si which are important for applications in magnetic storage and processing. Results are presented on the wavelength dependence of the ultrasonic response of the thin NiO film and bulk Si. Significant changes are observed between detection using the fundamental and the second harmonic of the femtosecond laser as the probe beam. Beatings between low order longitudinal phonons in the NiO layer are observed and measurements of its refractive index and absorption coefficients are performed.