Because of the way the bulges keep withdrawing into the central core, this does not appear to be balloons. But what is it? This is a well made video of a real unknown, and a very, very strange one.

http://www.youtube.com/watch?v=Yvdt4XlJjPY&feature=related
Story Source:
http://www.youtube.com/watch?v=Yvdt4XlJjPY&feature=related
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