In fact, it doesn't look like fluids, but rather a bunch of semi-transparent spheres. This occurs on the example code which comes with the trial made for the competition. On the other hand the demo which comes with Nvidia's Physx drivers work perfectly (although slow on my machine of course).
I have tried PhysX_8.04.25_SystemSoftware and PhysX_8.06.12_SystemSoftware with the same result.
I have a couple of screenshots the one on the left is the Physx driver demo program, as you can see it looks just as it should. The one on the right is from the example I compiled from the trial. The spheres are a bit hard to see, but look closely a the bottom of the screenshot.
EDIT: Oh, and just in case you want to know, the rigid bodies, cloth and soft body examples all work fine.
System: AMD Athlon XP 2200+, nForce 2 ultra 400, 512 MB PC-2700 RAM, 40+320 GB 7200 Hard Drive, Geforce 6200 256 MB AGP , 384Kbps wireless broadband