I created the drops in a mask, copied and blurred it.
Copied the blurred watch channel in a new document and saved it as a texture.

Used a black and white picture (desaturated) and strechted it out over the background, blurred it and applied the glass filter with the saved texture. Put distort at maximum and a slight smoothness.

Cut out the non watch parts and then applied a bunch of layer styles to get the fluidlike effect.

Thanks for all great stock images.

chocolate, cookies, straberries and cream anyone?