Beat all ingredients at low speed with an electric mixer until blended. Beat at high speed 4 to 5 minutes or until stiff peaks form. (If icing is too stiff, add additional water, 1/2 teaspoon at a time, until desired consistency is reached.)
Insert a coupler into a large decorating bag. Fit coupler with metal tip #104, and fill bag with icing. Pipe about 40 (1-inch) roses and 30 rosebuds, using a flower nail. Gently remove, and place on wax paper; let dry at least 8 hours. Store in an airtight container up to 1 month.