In its simplest from, it means a "blue boob".
These are most notably found in the movie Avatar.
Another form of the word would be "Bloobage" as in "The chief's daughter had totally awesome Bloobage"
2.A badly done breast augmentation surgery which made the breasts unnaturally massive, stiff, gave an unnatural iridescent like sheen, and/or a tendency to deflate or burst if not protected.
Baloon boobs? No there BLOOBS!
Female pro-wrestlers normally have bloobs.