Water bubbles (rallenty water effect)

Hi all, i saw this web site http://www.renascent.nl/motion.htm

I refer to the video called “Eristoff Visual Arts”, anyone can say if that is a “quick” way to do that cool water effect?
Is that a great use of particles in some appz like maya or 3d max? or it’s just a rallenty fx of a rela water?(i think is’t not a real water)…

some tipo to realize that kind of effect?

Many thanks to all!