How To get a nice Water/glass shader using a phong/anisotropic:
Glass/Water Shader by Pradeep Mamgain
Don't mind the glass modelling or lighting, just look at the shader and how it's built.
When the shader network is done you go into the attributes of your particleshape. There you set the particle render type to blobby surface, decide a radius and probably set the threshold to 0.
Now, select the particle object and rightclick on it, if yould the button in you get a menu, keep holding the button and navigate down to "assign existing material" in that menu, choose your nice phong and BAM!!!! you have water particles.
Use mental ray and put on some motion blur when rendering and it will look sweet
Good Luck!