And once more Andrew Davidhazy (professor at Rochester Institute of Technology) provides us with an insight into Splash Photography. He was right when said that splash photography seems so easy, but it's not:
"Making a photograph of something as simple as the splash of a water drop as it impacts a liquid surface may seem easy but there are a number of things which soon become apparent and which make the process much more complicated than it first appears."
I looked deeper into this topic and found another explanation and techniques at website of North Carolina School of Science and Mathematics. As well there is a short article "Making a splash with high speed photography technique" at ePhotoZine.com.

Note: The photographs shown here are made by Andrew Davidhazy and could be seen here.