A new multi-phase model for low speed gas/liquid mixtures is presented; it does not require ad-hoc closure models for the variation of mixture density with pressure and yields thermodynamically correct acoustic propagation for multi-phase mixtures. The solution procedure has an interface-capturing scheme that incorporates an additional scalar transport equation for the gas void fraction. Cavitation is modeled via a finite rate source term that initiates phase change when liquid pressure drops below its saturation value. The numerical procedure has been implemented within a multi-element unstructured framework CRUNCH that permits the grid to be locally refined in the interface region. The solution technique incorporates a parallel, domain decomposition strategy for efficient 3D computations. Detailed results are presented for sheet cavitation over a cylindrical headform and a NACA 66 hydrofoil
