Need help identifying an arcade game!

[The Fifth Man]

I have this old arcade game in my head and it's driving me nuts not knowing what the hell it is. I think it's from the early nineties, maybe late eighties. I don't know. Long ass time ago, that's for sure.
It was a kind of chess game where the players used red and blue slime blobs as pieces, and the goal was to assimilate your opponent's pieces. There were all these bizarre characters you could play as, too, like an hourglass filled with souls and a guy that looks like he has spaghetti for skin. any of this sound familiar?

I have no idea what the game's name is, and i never found any trace of it at vgmuseum.com. If you guys could help me out here, that'd be great. I've been puzzling over this for years.