yeah the closest thing I've seen in 2d is octave engine casual
http://www.photonstorm.com/archives/12/oecake (gets really cool around 2:00)
more vids here:
http://www.toxik.sk/octave-engine-oe-cake/
there's a demo that used to be on their site, now floating around the net somewhere I'm sure
but it let you configure your own materials, and it's particle based with such flexibility that if I remember correctly, moving sliders could take you all the way from a perfect water simulation to a solid object, to every gelatinous or powdery substance in between
this company seems to be in charge of the engine now, which was never free as I understand it:
http://www.phyzios.com/eng/casual.html
edit: update: it seems oe-cake is back as Phyzios studio
and there's a free beta...you gotta check it out if you never got a chance to play with oe-cake
http://phyzios-studio.net/
you'll have to sign up to agree to a noncommercial license, apparently it's turned into a casual games creation tool.