The high frequency acoustic response of liquids is measured in a manner directly analogous to conventional ultrasonic measurements. Two thin metal films act as acoustic transducer and receiver for a liquid layer between them. Pulsed optical excitation generates high bandwidth wave packets in the transducer, and these are detected in the receiver after damping and dispersion by the liquid. This initial measurement probes structural relaxation dynamics of glycerol in the frequency range 2-20 GHz, for temperatures between 235 and 291 K. The analysis presented here demonstrates the presence of excess relaxation, not accounted for by either the alpha or beta relaxation of the mode-coupling theory, and suggests the presence of constant loss in the susceptibility spectrum of supercooled glycerol. (C) 2004 American Institute of Physics.