Actually the recipe was very similar to our flubber: borax, water and glue, but with the addition of a little corn starch. I dug around in my cupboards and finally located an old box of corn starch, and an unopened box of food coloring, and we were off. The only catch was we were out of Elmer's plain white glue, all we had left was washable glue. When we were making the flubber, we had noted that it stated very specifically not to use the washable variety of glue. We decided to plunge ahead.
Needless to say, we did not end up with a bouncy ball. We did get some very excellent Silly Putty like stuff though. It has the stretchiness and moldability of chewed gum, but the smooth and nonsticky texture of a deflated balloon (you can even blow some pretty good bubbles with it, as long as your careful not to get any in your mouth). All in all, a great toy for some Friday fun.
We may try making a bouncing ball another time, after I've had a chance to pick up some non-washable glue. For right now we've used up all the glue in house. However, I do recall seeing a recipe for homemade glue using borax...
It's great to be a homeschooler!