We study the properties of the q-state frustrated bond percolation model by a Monte Carlo "bond flip" dynamics, using an algorithm originally devised by Sweeny and suitably modified to treat the presence of frustration. We analyze the percolation transition of the model, and find that it falls in the universality class of the q/2-state ferromagnetic Potts model. We then investigate the bond flip dynamics of the model, and find that for temperatures lower than the percolation transition Tp the relaxation functions show a two step decay, reminiscent of the relaxation of glass forming liquids. The long time decay (alpha-relaxation) is well fitted for T<Tp by a stretched exponential function, showing that in this model the relevant mechanism for the appearing of stretched exponentials is the percolation transition. At very low temperatures the relaxation functions develop a long plateau, as observed in glass forming liquids.