If you don`t want to wait for the implementation of the Wavelet Turbulence for Fluid Simulation algorithm, a developer is already working on something similar.
Do you remember Farsthary? The developer responsible for the True Volumetrics, is working on realistic smoke simulation for Blender, there are some cool footage to check out.
Here is an example of what he is doing:
To know more about his Realistc Smoke, visit this link.