Here's what you need:
3/4 cup cornstarch
1/3 cup water
5-7 drops food coloring (optional)
Mix water and food coloring together in bowl. Slowly add cornstarch to water and food coloring mixture. Do not stir! Let the mixture stand for 2-3 minutes. Pick up a handful of oobleck and squeeze it until it forms a hard ball. Open your hand and the magic muck will turn from a solid into a liquid. Hints: A little bit of water goes a long way. If you get too much water just add more cornstarch. This can be left out on the counter and if it dries out just add a little water.
Hopefully this helps entertain. Or at least keeps the peace.