What I am attempting to do is water in the shape of letters. I know that you can make water splash with the fluid sim but I was wondering if there was an easier way to achieve this and how I would go about it…

like this but words and in 3D not Photoshop…http://woofie4.pixiq.com/files/cache/bufferfly_splash_liquid_photography_alex_koloskov_1_620x420.jpg

Basic approach is to make a letter cavity and set it as Obstacle. And pour the water in.

How you make the cavity really depends on how you want to show water / air interface.