You will need two mixing bowls. In the first bowl, mix together 3/4 cup warm water, 1 cup of glue and a few drops of food coloring.
In the second bowl, mix together 4 teaspoons borax with 1 1/3 cups warm water.
Pour the contents of the first bowl into the second bowl but DON'T STIR.
Let the mixture sit for about 1 minute or until it congeals. Then lift mixture out of the bowl.
Now you have slime! (store in ziploc bags to keep it from getting hard).
NOTE: If you want your "slime" to be more slimy just a add a little more glue, and if your slime is too sticky add a little more borax and play with it until you get the consistency you'd like. It will change as it it kneaded and played with.