So all you have to do is, create a symmetrical lattice, first choose "edit", than "new" and after this, in the terrain editor, paint (with a soft brush) something that looks like a splashing drop (see illustration; I used a 512*512 grid for the terrain). It is important, however, to use several "heights" in the drop, to give it more depht. After you have done this, crop it to the desired shape and "smoothe" it several times, apply a suitable material (I simply used "water") and the drop is ready to splash around.

After the scene was rendered, I was not satisfied with the "depht perspective" of the image. So I applied a mask on the foreground (in Micrografx Photomagic, but you can do this in many other programs, too) and softened the background.