Yes you can easily use ANSYS CFD for simulating two phase flow using VOF model

you can use Fluent code and add a module of cascade technologie,

http://www.cascadetechnologies.com/pdf/Partner_ib_fluent_news.pdf

http://mccabism.blogspot.com/2011/12/red-bull-and-immersed-boundary-methods.html

There are some open source CFD dodes such as that of "Paric" that you can develop and combine with IBM to simulate such a problem. I have simulated such a problem before using Peskin's model to simulate red blood cell motion in a Newtonian shear flow.

multiphaseFoam with non newtonian transportModel.