Thanks for the replies!
@ MonkeyKnight: That might work well! I'm going to give that a try during the day and let you know how well it works.
@ PeterH: The drops have to be fairly large, I already have a system for single drops. I have an Arduino set up with light, sound and vibration senors. Depending on the light generated from the action I am trying to capture the shutter is either left open in a dark room and the flashes are triggered via the sensors. If there is a lot of light I have an IR LED which triggers the shutter. In this particular case I am trying to get easy collisions. Here is a link:
http://www.photosbykev.com/wordpress/tips-and-trick/water-droplet-photography/
@ Chagrin: Great idea but I would need the ball to go back almost instantly?
Thanks for the help! I am going to try out all these ideas during the course of the day and let you know how it goes!