Generative sound design music and dialogue was one of the topics discussed at this years Develop Conference here is an interesting article and video on generating bubble sfx. I would like to point out I am not involved with either of these institutions however I did find it very interesting.

I dont think i'm out of a job quite yet but the duck in the bath simulation is pretty close. One thing mabe to think about is if this very clinical way of generating "real" sound will replace over the top and unrealistic "designed" sound.

Refs; New Scientist 24th July 2010

Sounding Liquids: Automatic Sound Synthesis from Fluid Simulation

http://gamma.cs.unc.edu/SoundingLiquids/