Create a partical system that might act as splashing water or flowing water or something.
Create a metaball and parent it to the partical emitor. Turn on dipliverts
I have tried this somewhat but my computer is much to slow to do this. It seems that this COULD work, but im not sure. Can particals be effected by gravity? It yes, then this would work even better than i hope…
Ancient Chinese secret: Parent a meta ball to your particle emmitor and with the emmitor selected, press dupliverts. For more control over the direction, parent the emmitor to a lattice. Just make sure you don’t have a whole lot of particles in your system before you do this, or it will take forever to animate.