This is a material we make nearly every weekend as part of our popular science demonstrations.
When done correctly, you can create a polymer which looks and behaves just like another popular toy that you can buy elsewhere.
You'll need:
Place equal portions of white glue and liquid starch in a paper cup. Don't fill the cup. Your cup should be no more than half full when done. Stir using a disposable spoon or wooden stick.
After a half-minute of stirring, take the mixture into your hands. Work the material in your hands in a kneeing fashion until it becomes a solid. Don't be afraid to squeeze. After a couple of minutes you'll have an elastic substance that is fascinating to play with.
Store in a zipper-type plastic bag. Do not allow to dry out. When hard, this material is hard to remove from fabrics, carpets or floors. Dispose in trash when done. Lasts for weeks when stored in an airtight container.