Is it possible to use fluid sim to simulate liquid pouring out of an object
Yes you can, set a hollow object as an obstacle, make sure it also has a Fluid mesh inside, then animate the object to tip over. Tip it over enough and the fluid pours out.
There’re some pretty good fluid tutorials based on the 2005 summer of documentation. I’ve used them to produce all of my fluid-related animations. Here are a few.
These are in reverse-chronological order:
http://vimeo.com/1020183
http://vimeo.com/255175
http://vimeo.com/209105