Water Droplet Photography

My experiments with water droplet photography started after I came across one such image while casually surfing the net.

- Sharanya Jain

I was amazed by the picture, and was curious about how the picture must have been taken. I wondered what the shutter speed must have been to freeze the water droplet hitting and rising again from the water below. How did the water drop become so colorful? Which lens could capture so much detail in such a tiny droplet? What could have been the light setup? I even wondered if it was an actual shot, or was it just photoshop.