This level can be very confusing at first but once you figure the trick of water physics out, it's a cakewalk.
Let all the goo accumilate on your box by waiting for the "horseshoe" to spin
Then once you have them all, attach yourself to the knot (middle) of the horseshoe and wait.
Once you reach the middle turning-point, let go of your blowfish goo and your box will fly straight up from the water and onto the pipe. Use the blowfish legs and arrow ontop of your screen to determine where the sweetspot is
Once you let go, the box will fling up like a rubber-band into the pipe and it'll suck the goo's in, completing the level. May have to be repeated once or twice.