Inspired from 2012, I did this setup with Thinking Particles. Simple maxscript for the UI and the rest is with spacewarps, reaction and connection setup. The surface was prefractured with Rayfire.
Still need to add: Make the fractures fall back on positive force, a better debris interaction, better waves motion and add dust with fumeFX.
If you wonder what specs I have for better realtime performance understanding: Q9550 CPU (4 2.8ghz cores) , EVGA 7800GT, OCZ 8GB Reaper RAM and Win7 64bit ultimate