We are a gluey mess today, making these rather pretty string ornaments. They look wonderful on our tree, but I think a bowl filled with them would also make a lovely centerpiece for the table. First inflate a balloon to the size you want, and spray it with non-stick cooking oil (this part is very important, and prevents the ornament from collapsing as it dries). We thinned our Elmer's glue (two parts glue and one part water), dunked pieces of cotton string in and wrapped them around the balloon. For younger kids, keep the pieces of string short, but when I did one myself I found it was easier to keep it as one long piece, dunking and winding in sections.
Glitter is optional, but not in our house. The more, the better. Leave the ornaments hanging to dry overnight. The next day they should feel hard to the touch. Just pop the balloon and gently pull it out with tweezers.