Sprinkle the gelatin over cold water in a small bowl; Let it rest for two minutes to soften.
Place the bowl in a microwave for 30 seconds on High, until the gelatin dissolves (*I suggest doing this in 10 second increments as the first time I did this it boiled over in the microwave).
Add the flavoring.
Add the corn syrup and the glycerin and stir until the mixture is smooth and clear (if the mixture is not turning smooth and clear, microwave it for an additional 15 to 20 seconds on high and stir again)
Sift 1 1/2 pounds of the sugar into a large bowl (*I did not sift and it was not lumpy!).
Make a hole in the sugar and pour the liquid mixture to it.
Stir with a wooden spoon until the mixture becomes sticky.
Sift some of the remaining 1/2 pound 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.
Rub the vegetable shortening on your thumbs and knead it into the fondant.
Wrap the fondant in plastic wrap and place it in a tightly sealed container to prevent it from drying out.
If the icing dries out and harden it can often be revived by popping it into a microwave oven for a few seconds and then kneading it back to life.