Preheat oven 250 degrees F. Mix together the flour, salt and water until it makes a soft dough. Be careful not to add too much, as your creations will crack if you make the dough too dry. If it's too sticky, add small amounts of flour until pliable.
Roll the dough out, or press it with your fingers until it is about 1/2" thick.
Cut the ornaments out with cookie cutters and space out evenly on cookie sheet. Or you can place dough on cookie sheet and cut them out directly on the sheet, removing the excess dough.
Bake for 2 1/2 hours.
Remove from the oven and let cool.
Paint each letter with a different color acrylic paint and let dry. Repeat with another coat if needed.