J. J. Abrams conceived of a new monster after he and his son visited a toy store in Japan. He explained, "We saw all these Godzilla toys, and I thought, we need our own monster, and not King Kong, King Kong's adorable. I wanted something that was just insane and intense.
http://www.cloverfieldmovie.com/
http://www.imdb.com/title/tt1060277/
http://en.wikipedia.org/wiki/Cloverfield
http://en.wikipedia.org/wiki/Bloop
http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendID=201275979
http://slusho.jp/
http://www.slashfilm.com/2007/11/27/cloverfield-slusho-on-heroes-again/
http://www.cloverfieldnews.com/
Let the speculation fly.
*ducks*