Alex Koloskov, a photographer/artist, has put together a comprehensive how-to for "splash photography" wherein he explains how he made this amazing image, and many more. You might think that this is just a Pixar style animation, nothing but a rendered image, but you'd be wrong. Though this isn't just a live image (it's a stitch) it's real in most ways.
By photographing, manipulating, and rephotographing water splashes he is able to make these images from many samples of real water. So the image looks real, because it is...
in a way.
Watch the video below and see just how the process is done, and check out Koloskov's blog entry at Pixiq
Cheers to incredible art derived from simple reality.