Liquid Cereal and even a General Mills attempt, but neither succeeded.
Maybe the timing wasn't right. At least that appears to be the thought of CowWow, a company that offers organic milk in two "bottom of the bowl" cereal flavors: Fruity Trudy and Chocolate Chip Cathy.
It is questionable as to whether this will take off without a closer link to some major cereal brands, but the company does have one marketing accomplishment, the endorsement of Jimmy Kimmel.
We'll keep watching to see if this one Mooves.