Hey I made a super, dooper basic 2D liquid simulation in construct just using balls, the toon shader, tint and the 'water' warping effect.
It still looks like balls when the water is thin but as a group it's okay.
FPS is on the top right, ball count top left, I get 60fps with 250 objects on screen, running in Chrome
dl.dropbox.com/u/3317708/Water/index.html