Ok this is the same recipe as goop and flubber and a dozen other odd named potions. It's simple and has only two ingredients:
Equal parts of elmers glue and liquid starch (find it in the laundry section of your super market or family department store.) You can use food coloring in the glue to change the color of your creation to keep things interesting, only use a couple of drops. Make sure to use Elmers glue it comes out better than other brands. Works better in small batches. Example recipe would be 1 Cup Elmers glue and 1 cup liquid starch. mix in a big bowl with your hands till it forms a slimy yet somewhat solid ball drain off the excess liquid starch and store in an air tight container in the fridge or at room temp.
Kids love getting their hands into this messy goopy stuff, supervise carefully though it will stick in carpets and on clothing if left where it lands.