  We show that a U(1) instanton on non-commutative R^4 corresponds to a
supersymmetric non-singular U(1) gauge field on a commutative Kahler manifold X
which is a blowup of C^2 at a finite number of points. For instanton charge k
the manifold X can be viewed as a space-time foam. A direct connection with
integrable systems of Calogero-Moser type is established. We also make some
comments on the non-abelian case.
