You would need a fluid simulator plugin such as Real Flow, or Glu 3D. I like the look of Real Flow liquids better than Glu 3D, although I haven't used either. I think Glu 3D is better at flame, smoke, and viscous liquids.
Could anyone pont me in the direction of a good water tutorial for realflow. I have gone about downlaoading and installing a realflow trial. Also, in my opinion, fumefx is a pretty good choice for flames and smoke etc.