Actually a real name ! Did some quick looking up, don't think it is that as it is limited to a certain area.
I would go for the normal bubble algae though !
http://www.reefimages.com/cgi-reefimages/page.cgi?list=Sponges&slide=30.jpg
If it is bubble algea (I think it is also known as sailors eyeball algae) try not to pop it.
Didnt doubt you for a second, just a really funny name
Looks more like bubble algae to me. Nasty stuff if it is.
I heard doubt in your voice. The voices in my head told me so.