An apparatus and method for mixing two or more distinct fluids is disclosed, and which includes a housing, a sleeve fixedly mounted in the housing and defining a mixing chamber, and a rotatable mixing head having a grooved outer surface disposed in the mixing chamber. At least one of the fluids is fed radially through the sleeve and into the mixing chamber, so as to be sheared and highly dispersed in the mixing chamber by contact with the rotating mixing head. In one embodiment, the sleeve includes a plurality of distinct openings for permitting the passage of the fluid, and in another embodiment the sleeve is composed of a porous metallic material, with the pores of the material defining the openings for the passage of the fluid.