We will put droplets on text but you can do it on anything.

Enter your text and render this layer (Photoshop 5) : Layer Menu ->Type-> Render

With the selection tool , create the droplets. For multiple selections like this, keep a finger on the SHIFT key.

Now save this selection into a new channel, name it Alpha 1 : Select Menu->Save Selection->New channel.

Go under the channels and duplicate Alpha 1 to get a new channel and name it Alpha 2. To do this, drag Alpha 1 on this icon

Now inverse the selection : Select Menu -> Inverse.

Fill the selection with 50% gray : Edit Menu -> Fill.

Inverse the selection again : Select Menu -> Inverse.

Ok it's time to get a cup of coffee. We are going to shape those droplets :)

Go under the Filter Menu, choose Blur -> Gaussian Blur.

Try to set the blur to get some gray on the edges of the droplets.

You should have a result close to this.

Deselect.

You now have to duplicate Alpha 2 to create a new document.

Go under the channel options and choose duplicate channel.

A new window pops up. Select NEW under the Document Menu, name it Droplets. Click OK.

The new document is created, save it (File Menu-> Save) as a photoshop document (remember where you saved it) and close it.

Go back to the layers. Choose your text layer.

Go to the Filter menu -> Distort-> Displace

A window pops up, choose :

5% Horizontal scale, 5% Vertical scale

Stretch to Fit

Repeat Edge Pixels

Photoshop asks you now what file you want to use to displace your text.

In the dialog box that appears, choose the droplets file we previously saved.

Once it is selected, click Open.

Now, we have to put the droplets on it.

Go the Filter Menu -> render -> Lightning Effects and use the parameters you can see on the picture.

Some droplets shapes appeared.

Now get back the Alpha 1's selection : Select menu -> Load selection -> Channel Alpha 1

Create a new layer and name it Droplets.

Set the foreground color with :
R : 0
G : 180
B : 213

And fill this selection : Edit -> Fill -> Foreground color

Let's drop a small shadow under the droplets.

Use a very small opacity, I choosed 15% here

Ok it's almost done. Here's the final touch.

Go under the Filter Menu -> Artistic -> Plastic Wrap.

Highlight those droplets to make them look more realistic.

Change :

Opacity : about 50% to 60%

Mode : Soft light or Hard Light if it looks more realistic.

Keep a finger on the ALT key and move one of the Underlying's white cursors to the left. I choosed 200 here.