A ‘weak alkali activation’ was applied to aqueous suspensions based on soda lime glass and coal fly ash. Unlike in actual geopolymers, an extensive formation of zeolite-like gels was not expected, due to the low molarity of the alkali activator (NaOH) used. In any case, the suspension underwent gelation and presented a marked pseudoplastic behavior. A significant foaming could be achieved by air incorporation, in turn resulting from intensive mechanical stirring (with the help of a surfactant), before complete hardening. Dried foams were later subjected to heat treatment at 700–900 °C. The interactions between glass and fly ash, upon firing, determined the formation of new crystal phases, particularly nepheline (sodium alumino–silicate), with remarkable crushing strength (~6 MPa, with a porosity of about 70%). The fired materials, finally, demonstrated a successful stabilization of pollutants from fly ash and a low thermal conductivity that could be exploited for building applications.