I can't get this fondant to come back!! My cake was in the freezer and I had it sitting out to start applying the fondant. I felt like it was still too cold and decided to leave in fridge overnight, but I had already rolled the fondant. I use fondant mats and it seemed to be pretty sealed so I left it. Needless to say, it was dried out today. I tried adding Crisco and it doesn't seem to change. I asked a friend and she thought it was to wet, so I added powdered sugar and it doesn't seem to change. Can it be saved? 
Not knowing what brand of fondant I dont know how much I can help. However, if the the fondant had been sitting fully rolled out overnight I can almost guarantee that it now has dried little bits in it. You can try to add a little liquid to it, but I don't think this is salvageable.
Black Satin Ice. It was rolled out in between mats, not exposed.
You can try to put in microwave for about 5 seconds and see if it comes back. It looks very dried out and may be easier to start with fresh fondant. We use MMF because everything else dries out way to fast. I don't think I would roll fondant out ever and leave it for the next day covered or not. The air still gets to it and dry it out.
FYI..I find that trying to correct something sometimes wastes time and kills my time frames getting it to come back to life, when you see something is not right and messed up. Save time and energy get fresh and start over! I am always happier when I start over versus the way I feel ater trying to resurrect the "dead"...LOL
Good luck
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