Shutter speeds?

So after looking at depth of fields i now am going onto look at shutter speeds. Now there are two ways you can go about it you can have a quick shutter speed which catches split second imagery like sport or you can have a slow shutter speed's usually used within water imagery. Long shutter speed's can make waves look calm but exciting at the same time. They can make lakes look still and reflective like a mirror. Here is an example found on:

http://www.google.co.uk/imgres?imgurl=http://www.photoanswers.co.uk/upload/2265/images/slow%2520shutter.jpg&imgrefurl=http://www.photoanswers.co.uk/Advice/Search-Results/Techniques/Choose-the-right-shutter-speed-to-shoot-waves/&usg=__busq8FPDdUtiPJDDpfK0rlrM2w0=&h=2048&w=3072&sz=6750&hl=en&start=2&um=1&itbs=1&tbnid=rNv--wS9VJoDBM:&tbnh=100&tbnw=150&prev=/images%3Fq%3Dslow%2Bshutter%2Btechniques%26um%3D1%26hl%3Den%26client%3Dsafari%26sa%3DN%26rls%3Den-us%26ndsp%3D18%26tbs%3Disch:1