bubbling

adjective

Emitting a murmuring sound felt to resemble a laugh: babbling, burbling, gurgling, laughing, rippling. See laughter, sounds/pleasant sounds/unpleasant sounds/neutral sounds or silence.

Bubbles of entrapped air or solvent vapors which protrude from a paint surface; formed either on application or during drying of the paint film.

The adjective has 3 meanings:

Meaning #1: emitting or filled with bubbles as from carbonation or fermentation
  Synonyms: bubbly, foaming, foamy, frothy, effervescing

Meaning #2: marked by high spirits or excitement
  Synonyms: effervescent, scintillating, sparkling, sparkly

Meaning #3: covered with or resembling small bubbles as from being agitated by beating or heating
  Synonyms: foaming, foamy, frothing, spumous, spumy, sudsy