It’s not that difficult to do an image like this, just follow the description:
I placed a transparent tank with a blue paper under it. I got my camera with the flash (Canon Speedlite 550EX). I grabbed a pipette and did the drops falling… just slowly, one drop – because in that case there are no waves! So yeah, the color is natural….. no Photoshop!! =D

Really nice! It is better on Flickr as you get to see the reflection. Digital?
i did it with a Canon EOS 10D, it’s a DSLR.
the reflection is not digital…
Levelly says : I absolutely agree with this !
Good basic instructions
Joe Dyer http://www.phototrigger.co.uk
Check out some of these splashes
http://www.flickr.com/groups/photo-trigger/