Hehe...I knew that someone would come up with that question.
It's not really a shader...
Actually, that's what I meant when I said that I was working on something completely different. I was doing some stuff in Combustion when I kinda got bored and started to stack all kinds of animated effects and filters on top of the animated texture I was working on.
Then, at some point, I looked at it and had to think of cold, slimey things - and so I did just that.
It's an animated, looping texture, not more. Happened more or less by accident...
Subdivide and conquer!
Free your mind, and your ass will follow!