Drip test

This is just a eight-sided polygon with a special shader.  Ideally, you'd just take whatever mesh you wanted to drip, copy it, and apply the effect.  Some UV remapping is necessary, and it looks like PMXE clamps default UV coordinates, so you'd need a UV morph or Blender or something.

Texture is an alpha mask, clamped in Y axis but wrapped in X axis.  Also using a normal map.  These aren't seamless currently, but they should be.  The normal map isn't super hot either, just from a hand-drawn height map.

Mesh uses the normals to determine fresnel, which it uses to determine transparency, and applies add specular and sphere.  There's some pseudo-fogging, based on a simple guess that depth depends on the normal to the eye, but I'm not sure how I feel about it.  Not worth making a depth map to get anything more accurate.  The fresnel's the important bit, and the fresnel and fogging will end up being at cross-purposes.

The texture coordinates are controlled with a bone, so you drag the bone down to drag the drip down.  Nice and simple, that's how it should be.  The amount that the texture coordinates are perturbed downwards depends on the X coordinates of the texture-- sin(control*tex.x*3.0) + sin(control*tex.x*5.0)-- to create some variation in the flow.  HSV color controls as well.

Not yet ready for prime time.