Simple cube with noise and turbosmooth modifiers. Placed small spheres inside and used boolean on the cube to create the bubbles inside.
step 2 of 5
Everything put together here. The dropplets are made from small sphere with melt modifier and just spread randomly with different sizes.
step 3 of 5
Materials used. The environment map is original with 3ds max.
step 4 of 5
Image above is zdepth, used with lens blur in photoshop to create the blur effect. Ambient occulsion smoothes out all the sharp corners with some shadow.
step 5 of 5
Somehow one of my steps got removed, but here it is again in case it doesn'tt show up again.
Should be step 2*.
Plane with shell modifier to make it thicker, edit poly to get the shape and turbosmooth.