Tim Zoet's Particle Instantiator add-on bakes all kinds of particle systems into animated geometries.
Blender’s particle system is known to be somewhat limited. While you can simulate large numbers of particles, animating individual particles can be difficult.
With the Particle Instantiator add-on, you can turn your particles into real objects. These objects follow the exact motion of the particles using keyframes and copy animations, constraints, modifiers, drivers and custom properties from their dupli objects.
And the coolest feature is this: you can turn your particles into physics objects.