Hello, I have made some water drop photos recently:
My setup was the following: Canon D60, ISO 200, 90-300mm lens with +1 closeup filter, aperture f13, two flashes. The camera was set to manual focus and bulb mode. The trigger and the flashes were controlled by my custom made controller. The speed of the flashes were around 1/10000s. They were both directed to the background. I'm quite satisfied with this shot but it could be even better. I have rather shallow DOF. It can be because of the closeup filter and/or the aperture settings or pure lens. If someone ever shot a crisp clear water drop, I would be really interested in his/her camera and lens settings.
xistix