Animating soft body characters.

Hi there, I’ve been using Blender on and off for nearly a year now, I’m familiar with most the basics but am trying to improve my skills. I’m attempting to make an animated jellyman using soft body. I’ve built and rigged a model that moves how I want it to, but I’m struggling with the soft body settings as I’ve never used them before. I’m trying to achieve a character that has a small but noticable drag and wobbles a little as it moves. Has anybody built something similar, and if so can you suggest the settings I need to achieve this effect? Also if you can explain why each setting is as it is it would be greatly helpfull.
Thanx and a big noobie hello.

Oh yeah, just so you know. I’m using Blender 2.46

Why are you using 2.46?

Anyway… here’s an excerpt from Introducing Character Animation that might help: