It is shown by means of general principles and specific examples that, contrary to a long-standing misconception, the modern mathematical physics of compressible fluid dynamics provides a generally consistent and efficient language for describing many seemingly fundamental physical phenomena. It is shown to be appropriate for describing electric and gravitational force fields, the quantized structure of charged elementary particles, the speed of light propagation, relativistic phenomena, the inertia of matter, the expansion of the universe, and the physical nature of time. (...) New avenues and opportunities for fundamental theoretical research are thereby illuminated. (shrink)