My recipe is to heat the mixture in a saucepan while stirring vigorously. One can speed up the process by using only half the water at first, and pouring the rest in slowly (while still stirring vigorously) when it starts to thicken or boil.
Much easier than the microwave thing -- but nowadays I buy starch in bottles. There is a lot of extra stuff I don't want -- dyes, "ironing aid" (whatever that is), borax (?), perfume (gaa!), and processing aids -- but it also contains enough poison ("preservative") that I can keep it forever without anything snacking on it.
Edible starch will keep in the fridge for a while, but some barley-broth I made for cycling coagulated when I froze it, and I suspect that other starch solutions would too.
I suspect that open-kettle canning would work nicely, but I stuck to making no more than I could use up in a few days.
(Open-kettle means that after you've boiled it long enough to sterilize it, you pour it into sterile jars, which are further sterilized by the boiling starch, then seal at once with lids you've fetched out of boiling water with tongs. Since it's possible that a botulus spore might float by and fall in just before you put the lid on, the method has been deprecated except for foods that will keep at room temperature even if not canned.)