Gak Recipe
Ingredients:
1 cup white glue 
food coloring, your choice of color (optional: coloring can stain!) 
1 cup liquid starch 
Pour glue and coloring in plastic container.

Stir until color is thoroughly mixed in.

Add starch a little at a time, stirring with a spoon or kneading with your fingers as mixture thickens.

Keep stirring until mixture holds together like putty.

Test with your fingers: if too sticky, add more starch in small amounts until mass is smooth and rubbery. 
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Oobleck Recipe

Another interesting substance is called "oobleck." It also acts like a liquid until pressure is applied.

Ingredients:
4 parts cornstarch 
1 part water 
food coloring is optional 
Glorax (Flubber) Recipe

Put 3 T. of water into a ziploc bag. 
Add 1 T. of white glue. 
Add 2 heaping T. of Borax (laundry detergent). It must be Borax.* 
Shape into a ball. If the mixture is too sticky, roll the ball in a little bit of Borax. Enjoy stretching this elastic substance.

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Silly Putty Recipe

This will bounce and pick up pictures from the paper just like the name-brand stuff.

Add: 1/2 cup water to 1/2 cup Elmers Glue (Not School Glue!) 
Mix and add 3 drops of food coloring 
Make Borax solution: Take 2 tablespoons borax (You can buy this at a grocery store or online) and add to 1 cup of water and stir. 
Add 1/2 cup of borax solution to water and glue mixture 
Stir and store in a plastic bag 
Mix well. Add food coloring if you wish. Let it dry about an hour. When ready, it will be smooth and rubber-like. Store in an airtight container.