[quote="sami1337":1p4e378t]I wonder if you can make the particles look like water with some effects..[/quote:1p4e378t]
I played around with something the other week. It looks cool if you add an Emboss effect to the particles, it makes them look 3D, giving them highlights and shadows, and it makes overlapping particles look blended together as a liquidy blob instead of separate shapes. You can use a Tint effect to colour the particles, like for blood or slime effects or something.
Also, I've tried using another identical emitter behind it, making this one have a Magnify effect which creates some nice background distortions. When you put the Embossed layer as Additive or something similar, you can see the distortion better because the particles show up as just highlights.
All of this looks best with some motion blur if it's realism you want.
I have a cap file at home, I'm at work at the moment though but it's pretty simple.