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I've actually had this idea for quite some time now and this Spy Challenge gives me the perfect opportunity to share this idea with you because whats more extreme then portable handheldfire. If you don't know what a Molotov is I'm sure the internet can help you out, but either way the Molotov cocktail does have a long and interesting history but to my surprise I haven't found anyone else mention this little idea of mine.  

Step 1: Baking Goods

First thing you will need to do is to make sure that you have all of the ingredients and equipment required in making colored smoke grenades, which are as follows.
KNO3
Sucrose
Sodium Bicarbonate
Heat Source
Pans and utensils for mixing
Glass bottle and lid for throwing
Gasoline or other similar combustible liquid
Means of Ignition

Step 2: Preperation

Once you have all these things make sure that the place where you will be doing your scientific investigations is in a well ventilated area, outside seems to be the ideal location. Also make sure that its not entirely windy and that you have proper PPE as your attire.
I'm not going to beat this dead horse any longer because there are many tutorials out there that describe this in grave detail. What I want to do here is connect two good ideas into an even better one.

Step 3: Puffs

Next comes the tricky part. Once you have made your mixture of KNO3, C12H22O11, and NaHCO3, you will need to make them in spherical ball shapes, this can be done with a couple of spoons and rolling between the hands, while wearing gloves of course. This needs to be done alternating between adding the blue and red dyes to the batches and leaving some plain (for white smoke) until you have filled your container full of spherically shaped smoke bombs.

Step 4: Balls

The purpose of them being round in nature is that when the vessel they travel in shatters on impact the smoke grenades will have a better chance of dissipating.

Step 5: Bags

There is an easier method that involves taking the chemicals, mixing them up and placing them into Ziploc snack baggies, then putting them in the jar that way. It will still smoke the same and it saves a lot of time and hassle. With this method other things could be placed in the baggies, like massive quantities of gun powered, and it could be deemed Dragon's Fire.

The Ratio of Salt Peter to Sugar is 6 to 4. So its about 18 tablespoons Peter to 12 tablespoons Salt, plus a pinch of baking soda to cause it to burn slower.

Step 6: What to Call It?

Speaking of names originally I was going to call this method of Molotov, Old Glory, or Stars and Strips, but because it resembles a jar of turds I suggest coming up with a another name.

Even though I do like those names to describe the snack bag method.

Step 7: Rocket Fuel

As you have been making your little smoke balls you should be slowly filling up a good sized wide mouth glass container. I would suggest an empty olive container or a quart sized mason jar. 

If there is a label on the container that you have decided on I've found an easy way to remove labels that uses oxy clean.

Step 8: Fire Water

Once your jar is full, you slowly want to add gas into the mix till its pretty much near the top.
Then make sure that the lid is snugly fastened to the jar.

Step 9: The Spark

Next add your means of ignition.

This can be as simple as a cloth stripe with the tip soaked in gasoline, to a combustible tampon, to elaborate chemical reactions that have already been perfected. The choice is up to you. Just make sure you don't use Hollywood logic and have the fuel soaked rag coming out of the open container, that's how people get hurt.

Step 10: Smoke

When you inevitably try this out, make sure that its in a location that wont catch on fire, its use is being used in a legal fashion and you're being relativity safe about it.  I take no responsibility for your actions.  

And as we can see from the photo, the smoke was in fact not colored. This is due to the dye, at least that's what I think.

In principal it will work.