Any ideas how to render something like this in Blender?

I am trying to find a better way to render SPH fluids. Nvidia has a really nice look to it’s fluid sims, see the example

I know that that is based on an SPH simulation, so was wondering if something similar is possible in blender?

check the release notes for 2.7. there have been some recent changes to how the simulator works, so I am not sure if it can still do all the crazy stuff it used to do. here’s an example from the 2.4 series of some interesting things you can do with it.