This is just a Mudbox direct screen capture.....it can do magical stuff when you know what your doing with it.
It seems I can show these images now that I did about 3 months back...two from about 8 varations done for a client of liquids sculpted for a drink manufacturer. The 1st image is a direct screen capture of the sculpt in Mudbox...yes a screen capture....really. The second shows a final render done in 3D Max using mental ray with a HDRI created by hand painting in mudbox.
The final render (3D Max and mental Ray) using a HDRI hand painted in Mudbox
The liquids had to match precisely the concept from the art dept with no room for any mistakes or fudges. Got to be the 1st time you've seen a sculpted liquid from me ;)