The Collaborative International Dictionary of English v.0.48:

Effervescent \Ef`fer*ves"cent\, a. [L. effervescences, p. pr. of
   effervescere: cf. F. effervescent.]
   Gently boiling or bubbling, by means of the disengagement of
   gas
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

bubbling \bubbling\ adj.
   1. giving off bubbles; -- of a liquid. [Narrower terms:
      foaming, frothing; effervescent; boiling]
      [WordNet 1.5]

   2. stimulatingly lively, witty, and entertaining; -- of
      people.

   Syn: effervescent, scintillating, sparkling, sparkly,
        vivacious.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

effervescent
    adj 1: used of wines and waters; charged naturally or
           artificially with carbon dioxide; "sparkling wines";
           "sparkling water" [syn: sparkling, effervescent]
           [ant: noneffervescent, still]
    2: (of a liquid) giving off bubbles [ant: noneffervescent]
    3: marked by high spirits or excitement; "his fertile
       effervescent mind"; "scintillating personality"; "a row of
       sparkly cheerleaders" [syn: bubbling, effervescent,
       frothy, scintillating, sparkly]

Moby Thesaurus II by Grady Ward, 1.0:

120 Moby Thesaurus words for "effervescent":
   active, activist, activistic, agog, airy, alive, animated, aquiver,
   aroused, atingle, atwitter, beaten, blebby, blistered, blistering,
   blistery, boiling, bouncing, bouncy, brash, breezy, brisk,
   bubbling, bubbly, buoyant, burbling, burbly, bursting, carbonated,
   carried away, chiffon, chipper, ebullient, energetic, enthusiastic,
   excited, exhilarated, expansive, exuberant, fired, fizzing,
   fizzling, fizzy, foaming, foamy, frisky, frothing, frothy,
   full of go, full of life, full of pep, gassy, gay, gleeful, high,
   high-spirited, hilarious, hissing, hopped up, hushing, impassioned,
   inflamed, irrepressible, jolly, keyed up, lathered up, live,
   lively, manic, mercurial, militant, mirthful, moved, peppy, perky,
   pert, puffed, quicksilver, ready to burst, resilient, roused,
   sibilant, sissing, sizzling, smacking, snappy, sniffing, sniffling,
   snoring, snuffling, souffle, souffleed, spanking, sparkling,
   spirited, sprightly, spry, spumescent, steamed up, stimulated,
   stirred, stirred up, thrilled, tingling, tingly, turned-on,
   vesicant, vesicated, vesicatory, vesicular, vivacious, volatile,
   wheezing, wheezy, whipped, whipped up, worked up, wrought up,
   yeasty, zingy