Yup, the most true to form way of doing it is using meta-spheres (which are what OpenGL calls "blobs"), most packages have an equivalent primitive to work with.

Alternately you can do it by hand using sculpted spheres or fluid simulation.
Here's and example with these 3 methods

Clockwise from top left: Sculpted spheres, metaballs, simulated fluid.
Clearly I should have simulated the fluid a bit better!

You can also combine sculpted spheres or metaballs with particle simulation so you don't have to place them by hand.


EDIT: I made a fluid simulation animation to show how you can use it well, but blender crashed and I lost it >_< I don't have the motivation to make another XD