We present a general formulation for incompressible fluid flow analysis using the finite element method (FEM). The necessary stabilization for dealing with convective effects and the incompressibility condition are introduced via the so called finite calculus (FIC) method. The extension of the standard eulerian form of the equations to an arbitrary lagrangian-eulerian (ALE) frame adequate for treating fluid-structure interaction problems is presented. The fully lagrangian form is also discussed. Details of an effective mesh updating procedure are presented together with a method for dealing with free surface effects of importance for ship hydrodynamic analysis and many other fluid flow problems. Examples of application of the eulerian, the ALE and the fully lagrangian flow descriptions are presented.