Okay, I've been through all 3 Wilton Cake Courses, yet can't remember using gumpaste. (I've learned more from this site than I did in all three classes combined). The photos I've seen were people make things using gumpaste are so pretty. It seems like something I would like to use. So, do I buy it or can I make it? 
Gumpaste is a lot like fondant, but seems a little stretchier so you can rollit ever so thin to make very realistic flowers, etc. It dries faster and stronger than fondant.
gum paste is a type of sugar dough that has great elasticity that allows it to be rolled paper thin. Used to make flowers, etc. It's made from confectioner sugar, gum tragacanth, water, and gelatin.
You can by it as a power that you add water too, or you can buy it already made. So there should be instructions how much water to add to your mystery packet! I've never attempted to make it from scratch.
Oh, is it gum-tex? That's a whole different thing!
Maybe I just need to rethink this cake biz. before I hurt somebody i won't laugh, when i first started decorating cakes, i had no idea what fondant, etc, was what the difference between gumpaste, was or god forbid, someone used a name like pastilage or sugar paste 
so don't feel bad, and watch sugar rush on the food network
I had the same little packet in my 3rd class and didn't get to use it either .... there were no instructions 
You're only a newbie based on your number of posts...there is a lost of ranks that you can get to by clicking on near the top of the page. I was very excited last week when I became an addict!
let me know how it turns out...i'm too busy to try it out right now.
this recipe comes from the book-Cake decorating for the first time.
gumpaste recipe:
1 package gelatin
1 tablespoon light corn syrup
1 pound powdered sugar(that's 4 cups)
directions:
stir gelatin and water in saucepan. allow mixture to bloom in 3 minutes(no clue what bloom means) 
stir in cornsyrup. heat on medium until gelatin completely dissolved, stirring constantly or mixture will scortch. in mixing bowl, alternate gelatin mixture with powdered sugar and mix until stiff. keep gum paste covered with plastic wrap to keep moist or store in airtight container.
tips-can be kept in airtight container for up to four days.
can be dyed with food coloring, which is best when making certain decorative items such as roses.
all this comes straight from the book. if anyone tries it, let me know how it turns out. 
Everyone has to start somewhere.....
The recipe appears to be more for fondant also called "sugarpaste", it is different from gumpaste. However, you could still use it to make many flowers. Gumpaste dries very hard to preserve the beautiful flowers that are usually made from it. You can technically eat it, but most flowers are constructed using wire, so generally it isn't eaten.
It is easy to make. the best recipe I have found is on NicholasLodge.com. It is made with Tylose which is more white than gum-Tex. It has the recipe and clear instructions. I cut the recipe in half when I made it the first time, because I just wanted a little to play with.
If you wrap the gumpaste carefully-double wraps and a container- and protect it from light, it will last several weeks.
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