Many of our "hobby" products are nothing more than repackaged commercially available materials. The light spackling compound/model magic is just one of them. Here are a few others that come to mind:

PFM glue from IMP is nothing more than E6000 at a greatly inflated price.
PFM here: http://groups.msn.com/impscale/artic...to&PhotoID=206
E6000 here: http://www.save-on-crafts.com/e600037ozsize.html
http://www.michaels.com/art/online/d...ductNum=gc0181

The "hobby" brand Aeropoxy is actually Loctite Hysol 9462. This is a great thixotropic epoxy that is very, very strong.
Loctite Hysol 9462 here: http://www.ellsworth.com/display/pro...41&Tab=Vendors

Pacer technology that makes Zap CA also sells epoxies that can be found at hardware stores for much less dinero. Their gell epoxy is very nice.