Electric cool aid is just acid dissolved in water. This came about in San Francisco in the late '60's when a particular group of people, The Merry Pranksters, would throw huge parties for like 1000 people and put massive amounts of pure acid into huge vats of kool aid. Of course this was before acid was illegal and they did have chemist friends who made it for them. There's a great book called The Electric Kool-Aid Acid Test which is a true story about these parties. I'd recommend it as a must read for any stoner.

As for making electric kool aid yourself, my first question would be why? I don't think the kool aid is any better as a medium for delivering the acid. Unless your having a big party and dosing everyone you might as well just put the paper on your tongue. On second thought, I guess it would be kind of fun to do with a few friends though, even if just for the novelty of it. I wouldn't do it unless you had liquid acid though, or acid on sugar cubes(Neither of which I have ever actually seen) I don't think paper would work well. Anyhow, figure a ptcher is like 64oz and you each drink about 12 oz. So, if you each want to take about 1 hit put 5-6 hits in the pitcher.