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Wet Goop is a Food item that is the result of any invalid recipe cooked in the Crock Pot, left from a Hatching Tallbird Egg that has remained cold for too long, or hacked up by neutral Catcoons. It takes 10 seconds to cook but it has no effect on the player when eaten.
Wet Goop will attract Pigs who are hungry. Because of this, one may use Wet Goop to bait Pigs into Tooth Trap meat farms. Otherwise, giving the item to a Pig will neither make it friendly nor cause it to produce Manure.
Wet Goop can also be used as bait in Traps, though it will not attract most animals when used this way.
Wet Goop can be a source of Rot for fertilizing, though there are other edibles that take less time to spoil or fewer resources to obtain.
The Reign of Giants DLC introduced Wetness, adding a modifier for items, objects, and mobs soaked by rain. Most consumables that have been exposed to too much rain will have the "Soggy" title added before their names until they dry off, but Wet Goop will become "Very Wet Goop". Like all wet food, Very Wet Goop will spoil 30% faster.
Also, Catcoons have the ability to cough up wet goop as a gift.