I was inspired by Gisele Bündchen´s Ipanema advertisements so i don´t claim any credits for the idea itself:
http://vnexpress.net/Vietnam/Van-hoa/2007/09/3B9FA5BE/gisele2.jpg
http://f.i.uol.com.br/folha/ilustrada/images/0726053.jpg

Commens & Critiques are welcome as usual
I used FumeFX to drive the swirly motion of the basic skirt layer then piped that motion into Particle Flow and wrapped it into Glu3D using it´s PWrapper. For all the splashes and splash streaks i used the Particle Flow Toolbox #3 which gives way better and more versatile control over all the motion going on than the regular Particle Flow operators. Especially "Random Walk", "Blur Wind" and "Cache Disk" came handy here. Then again the particles were wrapped into a PWrapper for meta particle generation. So it´s a pretty good canon between FumeFX and Particle Flow Toolbox #3 for the motion. I simulated 4 layers of water motion/splashes in total. Then i set up a very straight foreward water/glas VRay material not even worth to be explained any further. To have a nice alpha channel i modeled the woman´s chest and upper legs in lowpoly and camera projected the stock image on it using CameraMapperPixel on a standard material, as basic as it can be The lights and camera were matched to the stock image and then every layer was rendered with VRay. Post effects done in PhotoShop.

Credit for the Stock Image goes to mjranum-stock.
Artist: http://mjranum-stock.deviantart.com/
Stock Image: http://mjranum-stock.deviantart.com/art/Various-6-55379410

Used with explicit permission!

Hope u like it.
Kindest regards,
Anselm