Cycles/Particles: Using Water Drop Fluid Sim in a Particle System

In Cycles, I’d like to use the fluid system sim for one water drop and render 100’s of water drops using the particle system.

Is it feasible to use the particle system on a “physics sim”?

Because the answer may be different between Cycles and Internal, I’m posting it here but will also post in the Particles/Sims Forum.

Thank you for your help in advance.

Please don’t multi-post