Slimeball

The Slimeball is an item dropped by Slimes. There are no uses for it so far. Notch confirmed that they are going to be craftable in a later beta update.[citation needed]

0-2 slime balls will be dropped when a small slime is killed. Only small slimes will drop Slimeballs on death.

Also, when meat is kept too long in a regular chest, it will turn into a slime ball as well. This could be used to your advantage in a future update when Notch applies a purpose to them.