This activity is very inexpensive. All you need is a bag of balloons!
Have each child blow up their individual balloon and tie off.
Have children stand in a circle facing clockwise. In other words, have them facing the back of the student in front of them. With the music going, have them bend over and pass the balloons to the person behind them between their legs, then accept the balloon being handed to them by the person in front of them. Then you can switch and have them pass the balloons forward between their legs.
Keep passing the balloons and see how fast you can go!