This paper presents a liquid-based device with fluid-induced damping, stiffness and inertia effects. The proposed concept is modelled and experimentally studied. A lumped parameter fluid dynamics approach is used to model the flow-induced energy dissipation, inertia and volumetric compressibility. It is shown that the developed 5-state nonlinear dynamic model can be modified to represent a range of previously established models. A reference set of model parameters is determined from the calibration data obtained from a novel device demonstrator. The model’s functional and parametric changes are shown to enable the device specializations which can approximate simpler as well as ideal devices such as dampers, springs and inerters. This work also demonstrates that the interaction between all three principal fluid effects opens routes to dynamic device tuning and frequency-selective damping.