I know that the title is a bit counter intuitive, how can you make a time lapse from of an event that only lasts a fraction of a second?
Water drop Photographer Extraordinaire Corrie White managed to take a time-lapse of two colliding drops, by composing 357 photographs. Each shot is taken a fraction of a second later in the collision process. Although the drops don’t match 100%, the result still gives a pretty good idea on how the mushroom pastern is formed.
Of course, is way cheaper than getting a bazillion FPS video camera alternative.
Here is another similar video done with a drop of water:
This idea is similar to the way Destin made his cut up matches footage.
If you like the idea of making high speed water drop photographs, Corrie wrote an excellent tutorial on the subject here. And if you can’t get enough of water drop high speed, I strongly recommend that you spend some time with Corrie’s Fun with water flickr set.