Freaky Compost Thing

I went out this morning to dump a load in the compost, and this is what I found:


Well of course I was fascinated and dropped all morning school and work preparation in favor of going to the computer to figure out what it was.

Best I can figure, it's a Fuligo septica, or Dog Vomit Fungus. Riiiiiight. Sounds totally gross, but actually it's just a natural part of the decomposition process. Here's more info if you're interested:

Wikipedia

Strange Things in my Yard

Anyone else have any thoughts about this awesomely disgusting monster?