With just a few changes to the Inkdrop Tutorial

blenderdiplom.com/index.php?option=com_k2&view=item&id=20:tutorial-a-cool-looking-inkdrop-in-blender&Itemid=106

you can achieve this ink shooting through water which is another effect of Nions great Blender effect reel.

Tutorial can be found here:

blenderdiplom.com/index.php?option=com_k2&view=item&id=21:inkwipe&Itemid=106

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