I tried the syntactic dough (also called "tooling foam") last night. It's a free sample that I got well over a year ago from United Resin Corporation http://www.unitedresincorp.com/casting.htm
It comes as two bags containing moist powders. When mixed and kneaded together, they produced a light, tacky dough. I shaped it into a simple patty and left it out overnight. This morning, it had hardened to about the consistancy of a soft wood. I could cut a piece off with a utility knife, but it took a little effort.
I'll have to measure a piece to verify, but the specs say the specific gravity should be about 0.5 g/cc, and it does seem pretty light.
I can see that it might be useful if you wanted to fill a space where a liquid might cause problems. You could easily pack it inside a hollow handle, for example, without getting any into places where you didn't want it.