An old post on fluid simulations (with an outdated version of Blender): http://digitalsculpture.blogs.bucknell.edu/fluid-simulation-in-blender/
Additional youtube videos on fluid simulations: https://www.youtube.com/results?search_query=fluid+simulation+blender+cup+splash
Related – Zbrush and collision volumes: https://www.youtube.com/watch?v=nqoCyOME8Jo