Empty the 8 oz. bottle of liquid white craft glue into the mixing bowl. Fill the glue bottle with water, screw on the lid and shake vigorously. Empty the contents of the bottle into the mixing bowl. Stir the glue and water together until fully incorporated. Put two drops of food coloring into the mixing bowl and stir until color is fully incorporated.
Measure 1/2 cup of warm water and 1 tsp. borax powder into your plastic cup. Mix until most of the powder is dissolved. Pour a small amount of the Borax solution into the mixing bowl that contains glue. Stir slowly with the spoon until the texture of the glue begins to turn into a slick slime.
Stir in a bit more of the borax solution into the mixing bowl. Use your hands to continue mixing. Repeat this process until the slime reaches your desired consistency.
Let your finished slime product rest for 30 seconds. Play with the slime or place it in a resealable plastic bag for storage.