I've seen people use similar things. They are more along the lines of shoe goo. The official name for the stuff was goop II.
seriously, that was the brand name...
It worked well, he swears by the stuff. He also uses it to glue the inserts to the rim if you like it that way. And he also uses it in every way I have used shoe goo in my life, so it is pretty much the same stuff.
Its weird but it seems to work.