Incompressible fluid equations are studied with UV cut-off and in periodic boundary conditions. Properties of the resulting ODEs holding uniformly in the cut-off are considered and, in particular, are conjectured to be equivalent to properties of other time reversible equations. Reversible equations with the same regularization and describing equivalently the fluid, and the fluctuations of large classes of observables, are examined in the context of the "Chaotic Hypothesis", "Axiom C" and the "Fluctuation Theorem".