You could play with particles of a singular blob shape that grows and disappears after time or you could work with animation. Both routes I feel would be extensive and probably not as free flowing as you would want it to be. Not the type of action suited for GS.
I would make a few sequences of forming and deforming bubble shapes in an animation program like Flash or the like (or even possibly a 3d one) and then put them in an actor and change the actors direction towards the flow you want. Also adjust the alpha transparency so a background was partially visible through them. It is not possible to animate vectors in GS but it is possible to scale in both x and y on the fly so I would also scale down from the rendered graphics size and not go above it so as to keep them looking good. A good set of moving, scaling and transforming water shapes should be achievable with a bit of graft....
perhaps if you used vectors to make the shapes and then exported them to png would be the way if you were making a 2d style of shape.
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perhaps if you used vectors to make the shapes and then exported them to png would be the way if you were making a 2d style of shape.
Hope that helps. cheers Kipper