I’ll start by saying that there are no Photoshop tricks in this image, the only adjustments done are for the black and white conversion and the regular exposure/contrast stuff. I have a picture and a small write up on how I did this just below the photo.
The setup consists of a ziplock bag filled with water that has a small hole poked in on corner; this allows for a somewhat consistent stream of drops. I suspend this over a glass that is nearly 100% full and then place the pattern or image I want behind this. You want to make sure your flash is on the lowest power output possible, as this will make the shortest flash burst duration. This helps in freezing the droplet with as little blur as possible. I used some cardboard wrapped in foil to reflect as much light back as possible. The rest is all trial and error. I believe it took almost 100 shots until I got the one I wanted.