We use numerical simulations of isolated galaxies to study the effects of stellar feedback on the formation and evolution of giant star-forming gas clumps in high-redshift, gas-rich galaxies. Such galactic disks are unstable to the formation of bound gas-rich clumps whose properties initially depend only on global disk properties, not the microphysics of feedback. In simulations without stellar feedback, clumps turn an order-unity fraction of their mass into stars and sink to the center, forming a large bulge and kicking most of the stars out into a much more extended stellar envelope. By contrast, strong radiative stellar feedback disrupts even the most massive clumps after they turn ~10-20% of their mass into stars, in a timescale of ~10-100 Myr, ejecting some material into a super-wind and recycling the rest of the gas into the diffuse ISM. This suppresses the bulge formation rate by direct clump coalescence by a factor of several. However, the galactic disks do undergo significant internal evolution in the absence of mergers: clumps form and disrupt continuously and torque gas to the galactic center. The resulting evolution is qualitatively similar to bar/spiral evolution in simulations with a more homogeneous ISM.