I have read the article here on how to do this, but I haven't seen it done this way...
(this is from partyworks.com)

Faux Rolled Fondant

Place two 8" round layers together. Round off top edge by trimming with serrated knife.



Crumb coat the cake and freeze it for about 5 minutes. This hardens the icing and provides a firm surface for the final coat of icing which should be applied as smoothly as possible using a spatula.



Complete the contour look by lightly brushing the surface with a fan-tail brush dipped in hot water.



NOTE: Fan-tail brushes can be purchased at your local art supply store

I have not done it with a fan-tailed brush just with a viva papertowel. Frost then wait 10 mins or so and smooth with papertowel.

It works great!!