First fill your glass 3/4th of the way full with oil.
In a seperate cup, mix water and food coloring. You can do multiple colors.
Use a dropper or just pour the food coloring mixture into the oil.
Open a alka-seltzer tablet and drop it in. Watch the magic! You can add another alka seltzer after it stops if you want a longer show (it lasts about 1-2 minutes).