Flubber, Gak, slime or silly putty
You can't make real Flubber, as only Fred MacMurray and Robin Williams have that recipe. And you can't make real silly putty because that is a closely guarded secret, but you can make a slime type variation of the products. And not only is this an enjoyable gift, but a science project that if fun to create. (something you can do with the kids while they are on break)
2 1/2 cups warm water
2 cups white glue
3 teaspoons Borax
Combine 1 1/2 cups water with the glue. Mix in the food coloring. In a different bowl, combine the borax and 1 cup water. Mix well. Poor the borax mix into the glue mix, then get your hand dirty. Squeeze until thoroughly combine until only a tablespoon of liquid remains.. It will be sticky. Allow to sit for a few minutes. Once ready it can be stored in an air tight container for about 3 weeks.
And it bounces too!