Super Elastic Bubble Plastic was an odd toy from my childhood - it smelled toxic, it never made those large balloon-like bubbles that lasted for hours, but yet we still bought it every chance we had:)
Most of our creations from this substance were more like stretched out blobs that quickly lost it's generous elastic nature and hardened into a ball of discolored mess.
We would loose the straws, and the tube would get blocked with hardened plastic. We would try the playdoh method of shaping it, without success. We would use the goo to cement our legos together or smear it in Barbie's hair for a 'perm'. GI Joe needed some hand grenades, so the balls would be used in his arsenal.
It's really no wonder that Super Elastic Bubble Plastic isn't a popular item in today's market. It now lives in our memories and a strange retro toy.