I kind of picture it as this evil bubble of malevolent water damage, with a big evil frowny face on it, drifting through a house, causing water damage. It would also make a noise like, "Hwwoooooooooooo...".

Sort of like the noise a zombie would make, only not trying to eat your brain. Unless your brain is susceptible to water damage. I don't think it would be, I mean the damn thing is like 100% water. Well, 99% water and 1% gristle, and I don't think anything happens to gristle when you get it wet, except that you've got wet gristle.