Here is a YouTube link of an experiment done on board the International Space Station.
In the second part of the video, air is injected into a spherical water drop. As you can see, nothing really dramatic happens. There is certainly no explosion. The air bubble adopts a spherical shape to minimize its surface area, but otherwise it sits quite happily inside the water drop. This is probably as close as we can get to answering the lemonade question. One could easily blow bubbles (or a single bubble) into a floating drop of lemonade. There are some differences due to the lack of gravity. When you blow bubbles into a liquid here on earth, they are pulled upward by buoyancy due to gravity. Thus they do not get very big before detaching from the straw. In contrast, in zero-g the bubble will stay put (other than being pushed a little by air entering the bubble). So you will not get the same bubble 'train' as on earth.
This has important implications for drinking soda/pop or sparkling wine/champagne on the Space Station: don't do it! These drinks are supersaturated with carbon dioxide (with respect to our normal atmosphere). On Earth, we open a bottle of champagne and bubbles nucleate around defects (or fibers) on the surface of the glass, but they quickly rise due to buoyancy. They grow by capturing more carbon dioxide as they rise, but they escape into the atmosphere before getting very big. In space, the bubbles would quickly grow without rising! So it would seem that opening the champagne in space would always make it bubble over completely!
There are some other nice experiments in the YouTube video, including the addition of an effervescent tablet (pill) into a water drop, leading to the growth of gas-filled bubbles.