I don’t know if a fluid system would be the right approach for that, since it would take forever to bake and probably be a huge headache to set up. You could experiment with hooks and shape keys and animate them to get the shapes that you want. For the water effect, you could use colored glass, volume or similar shaders and a displacement map, possibly animated, to simulate the water ripples. Maybe manually placed particle systems for the splashes. If you don’t need complex shapes or realistic splashes, that is. Alternatively, if you want a realistic result…you can set the blade thing as a domain for a fluid simulation (with the displacement map on the blade, so that it also looks like water when idle), and rapidly increase the size of the domain where you want splashes (the water should suddenly spill out), but I’m not sure whether this would work and it’s just an idea, since I’m not experienced with blender fluids…Good luck! I hope you find a solution that looks good!