I have used CC Particle World to make bubbles float upward on an overall solid. Is there a way to make them look like they are following a specific path?
Imagine a cartoon nose in a tank of cartoon liquid. Or look at the picture below. (I haven't made the liquid yet; there's just a blue background.) Check out the arrows I drew on the screen shot. Is there a way to make it look like the bubbles are being shot downward and then rise up?
Set the emitter to directional and play with the gravity and wind settings.
Or use Foam
Foam is perfect for bubbles. They even interact like bubbles. And you can make a flow map for them (make sure the flow map doesn't use sharp changes in color, but always somewhat blurry).