Experimenters burst water balloons in the low-gravity environment produced aboard a NASA DC-9 aircraft. There are three videos available in QuickTime or MPEG.

From the site: The tests were conducted in part to develop the ability to rapidly deploy large liquid drops by rupturing an enclosing membrane. As can be seen from the experiment footage, the initial rupture process is nearly ideal, but the finite size of the balloon material eventually ejects a spray from the drop surface.

Then, when the balloon material leaves the drop entirely, it causes a large deformation of the drop (blob), which oscillates throughout the remainder of the test. Calculations suggest that such oscillations will continue for hours before the drop eventually becomes spherical.

NASA Glenn Research Center