AOkay so I've never used fondant before and I just bought some satin ice. I'm making cupcakes for my prom group and it's Hollywood themed. I found great pictures on what to do but I don't know what I'm doing with fondant. I don't know how to color white fondant. I have some oil candy color and Wilton's icing colors. Do I need to buy different coloring? And once it's the color I want can I use it right away? And what do i do if i want to have the fondant on top of another piece? Do i paint like water onto it? I need tips desperately!

Use the Wilton icing colors, not the oil candy colors to tint the fondant.  Once you have it the color you want, you can usually use it right away.  If you've kneaded it a lot, you may need to let it sit for a bit.  Also, if you are going for a dark color, it helps to let the fondant sit overnight, as the color will darken.  You can use water as a "glue" to adhere pieces of fondant to each other.  

AOkay thank you! And when I let it sit overnight where do I put the fondant at? The fridge, the counter, or back in the container it came in?

AWhen I make homemade fondant I keep it in the fridge wrapped in plastic wrap until I am ready to use it and then pop it in the microwave for a few seconds until it is workable consistancy! Just not too long or it will get too sticky!

just wrap your satin ice fondant and put it back in the bucket it came in or another airtight container. also when attraching pieces to each other use the water sparingly, too much will make it gummy. good luck I'm sure your cupcakes will look great! post pics

Left over fondant be stored in the best air tight container of all.  I place it into a Food Saver bag and then let the Food Saver vacuum seal it.  It will last months on the shelf and is soft when reopened. 

I am very new @ using fondant, but find this economical-no waste of an opened box of fondant.

I have also found an alternative, but not as food proof is using Glad Press 'N Seal for storage.