Drink or pour out most of the water, leaving approximately ¼ in each bottle. Remove the label.
Fill the bottle almost up to the top with vegetable oil, leaving about an inch of space at the top.
Add the food coloring, drop by drop, until the water reaches the desired hue.
Break the Alka-Seltzer tablets into small pieces, about half an inch in size. The pieces don't need to be even.
Drop the Alka-Seltzer pieces into the bottle. It'll drop to the bottom and immediately begin fizzing, sending the colored water up through the oil in a cool stream of bubbles. Add more as the bubbles slow down, or as desired.
Notes
DO NOT put the lid on the water bottle while the Alka-Seltzer is bubbling; it could build up pressure, which could make the bottle explode.
Food coloring will stain, even more so when mixed with oil. Make sure kids are supervised whenever the bottles are open. This is a great project to do outside.
Any size water bottle works, just make sure their labels can easily be removed.