This work demonstrates the potential of sonochemistry to become a most valuable tool for nanotechnology if the underlying complex processes are understood and controlled. It is shown that control of cavitation requires controlling of interfaces at the microsec time scale and thus a diversity of phenomena are observed using different surfactants. By means of concrete examples it is shown that non-equilibrium nanostructures, e.g. Ru/Pt core-shell nanoparticles can be prepared. Hollow microbubbles with nanoparticles in the wall, which may contain gases over weeks, can be constructed by sonication of the corresponding colloid solutions.