I had this and the other gross lab toy that was a rip-off of this, and let me tell you it was neither as easy as it looks to make, nor did it taste good save for the rip-offs fizzy soda concoction and the candy warts you would create using a dropper.
I was going to post and say "HEY THIS ACTUALLY LOOKED PRETTY GOOD WHEN YOU WERE A RETARDED KID," but that was with the earlier versions of the toy that candlejack is talking about.
This rivals the super soaker slime gun for grim realizations.
I still have a packet of the one of the drink mixtures in a box of things from my childhood. That and a sheet of stickers you put on the side of the lad set. The packet expired July 96.