When my son was younger he made something similar at our local Science museum except it was called Oobleck in honor of Dr. Suess. Not only did my son have playing with the finished goo, he learned a little bit about science and mixing chemicals make a different substance that has the properties of both but not exactly like either of them to create a new substance.
For instructions on how to make your own, visit Make It and Love It where Ashley had created step-by-step pictured tutorial.
Link
From the Upcoming ueue, submitted by KMOM14.
Also, it is nearly impossible to get out of clothes.
Sheesh, I'm a buzzkill today. Pay no attention to the grumpy lady!