The link below will give you an example of a track that makes use of the classic Wobble Bass sound you are trying to recreate.
As you can hear, the bass part uses this technique, and variation is added by varying the speed of the LFO controlling the bass sound.
This can be achieved in a number of ways, but the easiest way to achieve this is to make duplicate tracks of the bass part, each with a different LFO value, and program your bass part to play across the tracks at different times.
The link below will take you to a video tutorial showing you how to make the wobble sound.
Other parts of the synth you can tweak to change the sound are the Volume Envelope, and the resonance on the synths Filter.
I would like you to program a beat using Ultrabeat, making sure you add some variation by either editing the MIDI part or creating multiple patterns and exporting them.
Your track should be a minimum of 32 bars long, and include drums, a bass part, and a melodic lead of some kind.
Once you have complete your track I would like you to export it as an audio file and upload it to your blog, using clyp.it, and add a short write up explaining how you made it. Make sure you explain the techniques used.