It should be noted that "blobulate" has no relational meaning to the US slang word, "discombobulate".
This word does not have origins in such words as coagulate (A change from a liquid to a clot). We are not concerned with the clotting as a phyiscal process, we are interesting in the "clot" itself, making blobulate a nonredundancy.
Webster's defines "blob" as a noun denoting 1a. a small drop or lump of something viscid or thick or 1b. a daub or spot of color 2 : something ill-defined or amorphous.
Encarta expands by more specifically defining it as a soft mass, and possibly an indistinct or shapeless form or object."
As for backing my word by way of etymology, let us look at a few words have the ending -ate.
That there are so many is no cooincidence: So many English verbs (and nouns but that's not relevant here) come from Latin verbs whose past participle is -atus. For instance, simulate < L. simulatus pp of simulatus.
Another good example is cooperate, which arrives from <L. cooperatus pp of cooperari. As blob has no known origin, is a verb and a verb of action at that, it would make sense to follow past examples, flirt with a little portmanteau, and voila - I have the perfect new word for what my lava lamp is beginning to do!
2. To break a larger form into smaller blobular pieces.
Example: In Terminator 2.. After the scene where the terminator was shattered into peices.. It blobulated, returned to his previous form.