The description sounds to me like valonia( pictured above).... Nasty stuff.... Some fish and some critters may eat it.... If you try to remove it, be careful not to pop it otherwise you may have an alien invasion as the spheres contain zillions of spores

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260g mixed reef, 105g sump, water blaster 7000 return, Bubble King SM 300 skimmer, Aqua Controller Jr, 4 radions, 3 Tunze 6055s,1 tunze 6065, 2 Vortech MP40s, Vortech MP20, Tunze ATO, GHL SA2 doser, 2 TLF reactors (1 carbon, 1 rowa).
http://www.canreef.com/vbulletin/showthread.php?t=50034 . Tank Video here
http://www.vimeo.com/2304609 and here
http://www.vimeo.com/16591694