My two-year-old loves playdough, especially if I'm willing to roll it out for her to "make shapes" using cookie cutters I keep in a separate bag especially for playing with playdough.
I don't remember where we got this recipe for homemade playdough but it works as well as, or better, than the name brand stuff. Especially if you have a few tupperware containers or old Playdough canisters to put it in so that it doesn't dry out as quickly as in ziploc bags.
Best Playdough Recipe
1 cup flour
1/2 cup salt1 cup water
2 teaspoons cream of tartar
1/2 Tablespoon oil
Mix ingredients together.
Add food coloring. (I find it best to separate the batch into 2 or 3 portions and then color and cook each portion separately. That way you get more colors in smaller quantities. Dividing the recipe into thirds makes each color the perfect size to fit into old Playdough cannisters.)
Cook slowly, stirring constantly until it becomes so thick you can hardly stir. Keep stirring and turning the dough over and over until thoroughly heated.
On the counter knead warm dough for a few minutes to finish mixing it.
Important note: The cream of tartar is essential! I once made a batch using only half the amount because I was running out. It looked fine when I made it, but a few days later when we got it out to play with again, it was oozey, gooey, wet, and way too sticky to play with. I tried reheating it, but that didn't fix it. There's something about the cream of tartar that keeps it from doing that.