I have a little Canon SD1100 that I picked up a while ago. One of its cool features is its ability to run the alternative CHDK firmware. It includes many interesting features, such as scripting, improved time lapse photography and such, but it also includes the ability to do really fast shutter speeds. I was dinking around with it a bit yesterday for a few minutes, and got this picture, taken with a 1/16000th second shutter speed. It’s not great as a photograph, but it hints at what is possible.
Addendum: Here is some more information, and more impressive photographs.
Addendum2: Here’s another try, just trying to catch water drops hitting the bottom of the sink.