In a small mixing bowl, pour in 1 cup of water and 2 teaspoons of borax powder. Stir the ingredients together until they're well blended, then set your bowl aside.
Pour the entire bottle of Elmer's glue into a medium sized bowl along with 1/2 cup of water. Stir until well blended, then mix in 8 drops of red food coloring.
Dump in a lot of glitter, then stir it together with your glue mixture.
Next, pour in the contents of your small bowl right into the glue-glitter mixture and stir until they become solid.
Using your hands, squish the slime together to make it more solid. Form it into a ball away from the liquid and pour rest of the liquid into the sink. The slime is now ready to play with.