You'll have to use GRASS GIS (e.g. http://landmap.mimas.ac.uk/index.php/Learning-Materials/Image-Processing-for-GRASS/11.2-Watershed-Delineation). I've tried different QGIS plugins without success. Just remember to follow the basic steps:
1. Fill voids in DEM [http://grass.osgeo.org/grass64/manuals/r.patch.html]
Good answer. One point that geogeek skipped over is that your outlet point needs to fall on a pixel with high flow accumulation. Rather than guess, zoom into your flow accumulation raster and find the coordinates closest to your outlet that falls on a pixel with high accumulation.