hmm theres already an app... just run the exe (its already in fullscreen exclusive) and then project away!
http://darkbasicpro.thegamecreators.com/?m=showcase_view&i=89
Other than that Id say use geospheres (hi poly spheres) and a glass shader, if there is no bubble shader... Look thru the thread below for instructions and make sure you have Direct X 9.0 and the latest video drivers on the mchine your using. If the machine doesnt have a good graphics card you might have to go with the cheaper options.
Check the Shader thread for shaders. Just skim thru the pages, I think the ninja matt guy posted a few glass ones.
Shader Thread
http://forum.thegamecreators.com/?m=forum_view&t=49137&b=1
Another method is getting a transparent sprite. You wont be able to rotate the bubbles in 3d space but they will still look semi real.
formerly KrazyJimmy
Denn, du bist was du isst, und ihr wisst, was es ist.