Real-life multiphase flows exhibit a number of complex and visually appealing behaviors, involving bubbling, wetting, splashing, and glugging. However, most state-of-the-art simulation techniques in graphics can only demonstrate a limited range of multiphase flow phenomena, due to their inability to handle the real water-air density ratio and to the large amount of numerical viscosity introduced in the flow simulation and its coupling with the interface. Recently, kinetic-based methods have achieved success in simulating large density ratios and high Reynolds numbers efficiently; but their memory overhead, limited stability, and numerically-intensive treatment of coupling with immersed solids remain enduring obstacles to their adoption in movie productions. In this paper, we propose a new kinetic solver to couple the incompressible Navier-Stokes equations with a conservative phase-field equation which remedies these major practical hurdles. The resulting two-phase immiscible fluid solver is shown to be efficient due to its massively-parallel nature and GPU implementation, as well as very versatile and reliable because of its enhanced stability to large density ratios, high Reynolds numbers, and complex solid boundaries. We highlight the advantages of our solver through various challenging simulation results that capture intricate and turbulent air-water interaction, including comparisons to previous work and real footage.