Yes, definitely. You could have a bubble mc being randomly spawned and moved using AS and make a 'bubble popping' animation and have it initialized when it reaches the top of your liquid, also using AS.
You need to be able to do the following :
- Attaching mcs from the library or dublicating mcs already on the stage and how to remove them;
- Work with random();
- Replacing mcs on the fly or, which is easier, have the full bubble as the 1st frame of your bubble popping animation and just play from frame 2 onwards once the top of your liquid has been reached (assuming the bubbles will go from bottom to top of course);
- Checking and adjusting properties of mcs, specifically the _y and maybe the _x properties;
Experiment around with these or look them up using search. When you get stuck, let us know.