Throw all of your ingredients in your pot. Before you turn on the heat, give it a quick stir.
BE VERY CAREFUL WITH THIS STEP!!! Turn your stove onto medium heat. CONTINUOUSLY STIR IT. DO NOT LEAVE IT FOR A SECOND.
After it's turned into a clump, put it on a cutting board. (My cutting boards are dirty, so I just put it on a paper plate :P) Knead it for a few minutes.
Form the dough into a clump and poke a hole in the middle. Put 5-8 drops of food coloring into the middle, if you'd like. Knead it again.
If you don't want to stain your cutting board, put some parchment paper on it.
There you have it-- your own homemade play dough! Store it in an air-tight container. Enjoy! :)