I called it "Flubber", my children renamed it "Goopy".
Many a delighted cry of "Yucky" came from BBD.
CB loved the stuff's versatility, "You can do whatever you want with it!"
heads up-it gets a bit messy
1 1/2 cup water
2 cups white Elmers glue
(Food coloring if desired)
You will be adding this second mixture in several times, until you get the desired consistency.
(So it is really more than it looks like at first glance)
1/3 cup hot water
1 teaspoon borax
If using food coloring put it into the glue mixture.
Take Borax mixture and pour it into the glue mixture. Stir (or squeeze) together and a "glob" of Flubber slime will appear. Take out the Flubber slime and pour in another mixture of Borax. Repeat as necessary.