You might try our Shade/Shape. If you can get the shape of the droplets/water, you can use Shade/Shape to reflect and refract. Look at the movies here:
http://www.revisionfx.com/products/shade_shape/gallery/
In particular look at "Liquid Dancers" (the second movie) and the second to last ("Lens REflection"). Both effects were done simply by looking at the animated 2d mattes (one came from keying some footage, the other was made by hand).
By animating mattes or text in an appropriate way, you can get some really cool watery-looking stuff.
Just a thought.
Pete
RE:Vision Effects, inc.
