It is allergic conjunctivitis.
I was sitting on my couch at home, watching TV, and I had a sudden sneezing attack. Extremely congested, I decided to go get a Zyrtec-D out of the cabinet. I rubbed my eyes a little, but no more than usual, and my left eye started to feel weird, not painful, but definitely uncomfortable. I got up and looked in the mirror and found probably a teaspoon worth of clear liquid under the top clear layer of my eye. I have had this once before and it went away, so I decided it would be fine. But the bubble of liquid just got larger and larger. I took my contact lenses out and ten minutes later, I was unable to close my eye (bubble got in the way), and it almost started to look like the bubble of liquid may start to hang over my bottom eyelid -- it was just getting more and more full of liquid.
I frantically called my grandma (who somehow knows how to fix EVERYTHING) and she instructed that I put a cold washcloth on it. Extremely uncomfortable. She ended up coming over and laid me down with my head in her lap. We ended up putting a warm, moist washcloth over my eye (no pressure, just laying it over the eye) and the steam and warmth felt really nice. Then, it felt painful -- almost like an eyelash was poking my eye. So she got her store brand eyedrops out of her pocket and started flushing my eye out with them. Within half an hour, the size of the bubble went down about 75%.
Overall, my advice: Don't freak out, don't poke or rub your eye bubble. If you have contacts in, take them out. Get a wash cloth, wet it, wring it out really tight, and microwave it for 30 seconds. Lay down and rest the wash cloth on your eye -- don't push it onto your eye or move it around, just set it there and let the warm steam make your eye feel better. Take an allergy pill (Zyrtec-D is my favorite -- has decongestant in it), and flush your eye out with drops.
Look up allergic conjunctivitis -- I'm positive it's what you are all referring to.