I recently rewatched " Rubik's cube lubricated with honey" and I had a slime making kit lying around and was bored..... Cube turned a lot faster then I expected. The honey video is a lot better then this one here's a link. http://www.youtube.com/watch?feature=player_embedded&v=k2MtuEc34Wc
But seriously it is kit that comes with (at least the one I have) Polyvinyl Alcohol and Sodium Tetraborate. Mix those two thing together and you get slime. It is to teach kids lab safety with out using anything really harmful.