http://www.cakecentral.com/article47-How-to-Make-and-Decorate-with-Marshmallow-Fondant-MMF.html
Take a look at this article .. MMF (marshmallow fondant) is really good, inexpensive to make and easy to use 
good luck!
Try this one....I won't use anything else. Sooooo easy to make and so much better tasting than any other Fondant (Wilton or MMF).
Toba Garrett's recipe :
ROLLED FONDANT
Ingredients
1 Tbsp (1 envelope) unflavoured gelatin
1/4 cup (60 ml) cold water
1 tsp lemon, almond or orange extract
1/2 c (6 oz or 168 g) light corn syrup
1 Tbsp glycerin (optional)
up to 2 lbs (908 g) 10X confectioner's sugar
1/2 tsp white vegetable shortening
1. Sprinkle the gelatin over cold water in a small bowl. Let it stand for two minutes to soften. Place it over a pan of simmering water until the gelatin dissolves, or use the microwave for 30 seconds on HIGH. Do not overheat. Add the flavouring.
2. Add corn syrup and glycerin (optional) and stir until mixture is smooth and clear. Gently reheat if necessary, or microwave for an additional 15 to 20 seconds on HIGH. Stir again.
3. Sift 1 1/2 pounds (680 g) of the sugar into a large bowl. Make a well in the sugar and pour the liquid mixture. Stir with a wooden spoon. The mixture will become sticky.
4. Sift some of the remaining 1/2 pound (225 g) of sugar onto a smooth work surface and add as much of the remaining sugar as the mixture will take. Knead the fondant, adding a little more sugar, if necessary, to form a smooth, pliable mass. The fondant should be firm and soft. Rub the vegetable shortening on your palms and knead it into the fondant. This relieves the stickiness of the fondant.
5. Wrap the fondant in plastic wrap and place it in the refrigerator until ready to use. Rolled fondant woks best if allowed to rest for 24 hours.
Note: If covered well, this rolled fondant dough can be refrigerated for 1 month or frozen for up to 3 months. I do, however, recommend Pettinice RTR Icing (commercial rolled fondant). It doesn't taste quite as good as homemade; however, it has more stretch. Since it's extremely flexible, you can do more with it. This product can last for up to 6 months without refrigeration.
Storage: Double wrap the rolled fondant in plastic wrap and then store it in a zippered plastic bag. It will keep in the refrigerator for 30 days on in the freezer for up to 3 months.
Yield: 2 lbs (908 g)
I use Colette Peters' fondant recipe. It is simple and quick to make. And it tastes good!
Rolled Fondant
2 pounds confectioners sugar, sifted
¼ cup cold water
1 tablespoon unflavored gelatin
½ cup glucose or white corn syrup
1 ½ tablespoons glycerine
1 teaspoon desired flavoring
1. In a large bowl, sift the sugar and make a well in the center.
2. In a small saucepan, add the water and sprinkle the gelatin on top to soften for about 5 minutes.
3. Begin to heat the gelatin and stir until the gelatin is dissolved and clear. Do not boil.
4. Turn off the heat and add the glucose and glycerine, stirring until well blended. Add the flavoring.
5. Pour into the well of sugar, and mix until all of the sugar is blended. Use hands to knead icing until it becomes stiff. Add small amounts of confectioners sugar if the mixture is sticky.
6. Form the mixture into a ball and wrap tightly in plastic wrap. Place in an airtight container.
This icing works best if allowed to rest at room temperature for about eight hours before using, particularly if the weather is humid. Do not refrigerate fondant.
Yield enough to cover one 9-inch, double-layer cake
Source: Colettes Cakes The Art of Cake Decorating by Colette Peters
I want to hijack this thread with a stupid question...or two....maybe three 
Glycerin? Where can I find that? If I choose not to use it, what difference will it make to the fondant?
Thanks!
I love this thread. Thank you for the recipies!!!
Thanks for posting these recipes, I was wondering the same thing.
What does the glycerin do to the recipe? Why does it say "optional"?
i hope to get a little creative and try these out.
If you want to try a super easy fondant. Try this recipe http://www.cakecentral.com/cake_recipe-2148-8-Easy-Marshmallow-Fondant.html Its super easy to make and easy to use. I do think its very sweet, but then its cake it supposed to be sweet.
are these recipes better compare to wilton's fondant? i really don't care for wilton's fondant.......
Wilton's storebought premade fondant is horrible -- tastes like a petroleum byproduct. The Wilton recipe for fondant isn't bad, and can be changed with various flavorings.
isnt toba's and collette's recipe the same, or am I missreading it?
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