scoto, I just brewed my batch and transfered to the ferment last night around 7:00am and I am having the same issue. my airlock is not keeping up at all. I replaced with a hose and its working wonders.
You should only be getting CO2 gas bubbles in your airlock. Any liquid, yeasties, etc should tell you to use a blow off. There are probably a bunch of pictures here of what happens when your airlock clogs... and blows the top off your fermenter.