The question is close to some of the issues we (softday.ie) explored in our Marbh Chrios performance. Just playing a sound doesn't make any bubbles.
Eventually, we thought about what a human drowning would sound like. After playing around with various patches, we decided to use a plastic bottle with a contact mic and sing through a hose, allowing the airflow of the singer to bubble the water. This contraption is now known as our Bubbleizer (and looks good in a performance).
This is, of course, not the true answer to the question as sound isn't "contained" in the bubbles, but as a metaphor it works ok. You could probably get a similar effect by passing your sound through a set of tuned vcf~ objects controlled by "bubbly" ramps.
/Mikael