How to model/generate a splash

So I’ve been looking up ways to model a splash with Cycles that is well defined and not chunky with no success. And I’m guessing it would be tremendously tedious. So what is the easiest way you recommend to use to get a result like the one in the attached picture?
PS: I should point out that it doesn’t need to be an animation, but if there is a way to get it animated, then that would be even more awesome :smiley:

should be possible with dynamic painting !

happy bl

Hm … Sounds quite interesting, I’ll have a deep look at it and provide feedback later on