Hang a water filled balloon against a dark background, mount the camera on a tripod, use a telephoto lens and keep the camera a few feet back to protect it from splashes, prefocus on the balloon, burst the balloon with a pin on the end of a stick (painted matt black to minimise its impact in the final image) then it's just a case of 3-2-1- pop the balloon ( tie the stick to a string that can be released or have a helper!) and fire the shutter at the same time - use a fast shutter speed ( at least 1/1000th, preferably faster) or a flash, the rest is, practice, timing and luck.  I shot about ten and got a result on all, of varying levels of success-

This shows the set up and captured the burst early, with the top point gone but the main body of the balloon still intact...

Approach from a different point - different points of busrting will give a different "shape" to the burst

As this was done for a weekly IHC challenge, this was the one I opted for if you look very closely you can see the stick and pin just above the left hand "arm" of water - the black paint worked a treat!)

It's pretty easy to do - I would suggest outside unless you are blessed with lots of space, try filling the balloons to different levels, filling with water and air and tying off and bursting at different points - they all produce a different result.

Why not give it a go? - it's a lot of fun and can yield some really good images!