Here is one of our favorites.
4 ounces white glue
1 1/2 cups water
1 tsp. Borax powder
food coloring
In a small bowl mix together: glue, 1/2 cup water, and ten drops of food coloring.
Combine borax and a cup of water in a medium bowl, stir until borax is dissolved.
Gently pour glue mixture into the borax and water. Stir until well mixed.
Scoop the flubber out of the liquid and knead until dry enough to play with.
Store in a sealed container. (A ziploc bag works well.)
* A fun thing to do with flubber is blow it up like a balloon. Here's how:
Flatten it out, and wrap it around the opening of a straw. Make sure you leave an air pocket to blow the air into. Blow into the other end of the straw.
*Make sure you don't eat the flubber. It is not food!
