Interesting video how to make waterballs: http://www.metacafe.com/watch/1693189/how_to_turn_water_into_balls People keep questioning the validity of this experiment, I say it works the way it is described...
The comments seem to suggest it's fake, and I doubt it's real. They probably just have the tub full of balls with the same refractive index as the liquid.
There was a much longer discussion on Digg and people explained on both sides how it was fake/real. I think it is real but one has to follow the instructions very carefully...