The adjective has 3 meanings:

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

Meaning #2: producing or covered with lathery sweat or saliva from exhaustion or disease
  Synonyms: foamy, frothing

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