What is a blob? It's a giant plastic bag filled with air, placed in a lake.
What do you do with the blob? One person sits on one end the end of the blob. Another person climbs a tower and jumps onto the other end of the blob, launching the sitter into the air.
What happens when two beefy guys jump onto a blob at the same time? The sitter gets launched very high in the air.
Where can I see more blob launching videos? Here. Here. Here. Here.
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