Edward Horsford has taken a series of high-speed pictures that captures a water balloon...without the balloon. The shots are snapped at the point of explosion, when the balloon skin breaks open. It looks like he's somehow holding a ball of water.
He actually takes the pictures solo, with no help. When Edward talked to the NPR, he said that the camera was actually the least important part of the shots. What mattered most was the timing of the flash. The camera was set to take a long exposure of ~2 seconds and if the flash fired during that time, he would get one of these awesome images (the flash was sound-triggered).