Yes, as ajc says, that was in 2.40a
You make a mesh object a particle emitter and set the particles to static. Then you add a texture to the 8th texture slot (may have changed in the latest build) and you set it to “Grad”(ient of that texture) to give the particle streams variation (waviness). Then in the slots second from the bottom you set the Texture to give the particles speed, and below the Grad button you set Nabla to evaluate the input from texture 8.
In the MapTo tab turn off Col since that texture is only used for particle physics. Add a new texture in slot 1 and give it a .blend texture with more than 1 color and turn the alpha of one of the colors on an end down to give the strands faded points (rather than blunt)
Now, when you go to the MapInput tab, on the right of Orco there will be a new option Strand which will pixelate your particles along the stream and make it look like hair.