I am trying to find an effect where I can cause a drop of water to hit the ground and a"Liquid Metal" city rises up. It needs to be compatible with vegas5 or 6. Will WinMorph do this?
I don't think WinMorph will do what you want. But, Satish also has Wax that can plugin to Vegas, or you can use it standalone. Check out http://www.debugmode.com/wax/
There is a particle generator that does rain.