Liquid Time Stop?

I have been fooling around with this for hours and can’t seem to figure out how to make time stop in the middle of a liquid animation so I can fly the camera around the still blobs of liquid. I have seen it done on a YouTube video and was trying to reproduce the effect on my own by have failed completely. Can anyone explain the steps to produce this effect? Thanks

You can do that with the Time IPO.

Can you go a little more into depth? I tried playing with this and couldn’t figure out how to get it to work.