A soft, flexible, low-density, open-cell, thermoplastic, absorbent foam formed from a foam polymer formula including a balanced amount of a plasticizing agent and a surfactant in combination with a base resin. Thermoplastic elastomers can be added to the foam polymer formula to improve softness, flexibility, elasticity, and resiliency of the resulting foam. The surfactant may be either a single surfactant or a multi-surfactant system. The foam possesses a number of qualities, such as softness and strength, which render the foam particularly suitable for use in a variety of personal care products, medical products, and the like.