http://www.easy-share.com/1906745856/Water.rarthat's the first time I've used easy-share.com, I don't think I like it O.o
Anyways, I used some free brushes I found on the net and manipulated them a little to get this.
I tried coding the actual effect to see if these images would do, but I find it very hard to create a good looking water splash. I think the best would be to use a few animated sprites or even models.
You can try these anyways...