My kids want to make slime. :-) We're going to do it next week after I buy the borax. I'm posting the recipe here in case someone is looking for one.
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Borax (can bought at your local grocery store in the laundry detergent aisle.)
White glue (can be purchased at a mass merchandise store)
Food coloring is optional (can be purchased in the grocery store in the baking aisle.)
Ziploc bags (can also be purchased at the grocery store.)
measuring cups and spoons.

1. Take a cup of water and add to it 1 Tbs. of borax (approx 4% solution). Stir until completely dissolved.
2. Make a 50% water 50% white glue solution. Take 1/4 cup of each and mix thoroughly.
3. In a ziploc bag, add equal parts of the borax solution to equal parts of the glue solution. 1/2 cup of each will make a cup of slime.
4. Add a couple drops of food coloring.
5. Seal bag and knead the mixture.
6. Dig in and have fun. Remember to wash your hands after playing.
7. Keep your slime in the sealed bag in the refrigerator when not playing with it to keep it longer. Unfortunately it may eventually dry out or grow mold. Just throw it out and start again!

The borax is acting as the crosslinking agent or "connector" for the glue (polyvinyl acetate) molecules. Once the glue molecules join together to form even larger molecules called polymers, you get a thickened gel very similar to slime. If you've tried this recipe (formula) before using blue starch (instead of the borax) with mixed results, you won't be disappointed with this one. Works everytime! If you have access to a chemical supply house, try a 4% solution of polyvinyl alcohol instead of the glue for a less rubbery polymer and one that is transparent showing off the color better.

**update added** 6/20: We made it tonight and it turned out really great!! Very slimey and smooth...Shawna loved squeezing it through her fingers. Billy helped them and we used neon food coloring so the color was nice & bright!**