Quickly answering the actual question:
and will corona be able to render it?
The Output of a complete simulation is a base fluid mesh, a particle cloud, animated displacement / normal texture and in super complex cases, wet map.
All these things corona can handle. Base fluid mesh is a simple volume, where you apply your water material.
If you want caustics you are a bit in a bind, as corona does not sample caustics well yet, it should not be necessary however, unless you are making a swimming pool. There is a workaround for that using a light to cast fake caustics.
Particles (splashes and foam) also work and are supported since 2013, not that you stumble across a forum post prior explaining particles aren't supported.
Wet maps will work in with corona, as it is a simple map, but you will cry your eyes out trying to get them imported and running.
Lastly, the realflow animated water displacement, which you can use as a normal map, have to be imported as the native 3dsMax bitmap, as Corona Bitmap does not support animated sequences yet.
Realflow is the expensive powerhouse, that can do it all, fast and incredibly well established.
Pheonix is integrated and requires no importing / exporting, but is not as feature rich and not as fast for big simulations.
