This recipes is very fast and easy to make, not to mention inexpensive. There's no need to bake either.
The things that can be modelled from cold porcelain clays are incredible. Its possible to sculpt finer details than polymer clays. Objects dry to a light-weight, stone like texture. Try it and see where your creativity takes you.
Step 1: Ingredients You Need
1 cup cornflour (optional try using rice flour 50:50 mix)
3/4 cup pva (wood) glue
3 drops of eucalyptus or nutmeg oil (for a preservative)
either 1 teaspoon baby oil or 1/2 tsp petroleum jelly (to prevent cracking during drying)
1/4 cup water
(New Recipe! update here, no cracks! How to Make Cold Porcelain Beads)