Things you need - balloons (small), water, corn starch, food coloring, squirt bottles, and two children in underwear - LOL. (We really DO dress our children, they just dont seem to stay that way! LOL)
Fill the squirt bottles with the street paint mixture, blow the balloons up and quickly attach the balloon to the squirt bottles (pinching tight so the air does not leak), squirt in the mixture and tie off the balloon.
Things we might do differently next time - have a lot of them already made and let the children do a few themselves. They really enjoyed the process, but were anxious to get to the balloon throwing.