Volumetric Particle Flow(david.li)

    3d smoothed particle hydrodynamics with a fully-featured solver,
    supporting surface tension, viscosity and collisions with arbitrary meshes. 

    rendering as metaballs converted to triangle meshes with marching cubes. 

    simulating around 250,000 - 1 million particles per frame and generating & rendering
    several million vertices per frame during triangulation. 

    except we wanted to do it in realtime. on a consumer gpu. on vanilla directx 9.
    no cuda/compute, no geometry shaders. (they'd probably be too slow anyway.)

    with everything else youd expect from a modern demo going on around it and on top.
    the best possible lighting, depth of field, post-process antialiasing.

    twice. (for stereoscopic 3d.)
    with style.