The players: Sta-Flo liquid starch, Elmer's glue, and food coloring (I ended up deciding against using the silver glitter glue, as the finished product was magical enough already!!).
Use approximately two parts glue to one part liquid starch.
After pouring glue, add appropriate amount of liquid starch.
Mix well with a fork until mixture starts forming one uniform glob and easily peels away from side of mixing bowl without sticking.
Stretch and squeeze and make funny noises with the silly putty bubbles inside to make sure all of the starch is mixed in :o)
Add food coloring.
Fold dye into putty....but beware of pockets/bubbles of dye inside, as they may spontaneously burst and splatter on the floor, your shirt, and especially your right thumb ;-)
Voila! Now you have silly putty!!