This used to be called "Wet Erase Sheets". I figured the reusable paper aspect of it may be more interesting. First of all, wet erase exists. It's like dry erase but you erase it with water. You get the wet erase markers in the dry erase marker section at the store.
Step 1: Buy This Stuff
You need a thermal laminator, thermal laminating pouches, and card stock paper. You could just use regular paper. Cardstock turns out better. If you get this stuff at walmart, the thermal laminator is about 20 dollars, a pack of 50 laminating pouches are about 6 dollars, the card stock is about 6 dollars for a ream of it. Lets say 6 to 12 dollars for a set of wet erase markers if you don't already have them. Your looking at 40-50 dollars for the supplies to do this exactly like I did it. 50 of these sheets are a lot of sheets. You could make some graph paper or lined paper ones. I think they sell packs of 10 laminating pouches. 50 was a bit overboard looking back on.The machine itself comes with three laminating pouches of course if you use those you wont be able to package it back up exactly like it was and return it, library style. Other than doing this project, I don't have much use for a thermal laminator. I just don't have that many recipes, documents, etc. to protect. I don't really want a thermal laminator junking up my house for the rest of my life.
*DO NOT TRY THIS WITH A CLOTHES IRON*-I tried it, the sheets turned out unusably wrinkly/crumpled.
Step 2: This Doesn't Work With Dry Erase
It erases dry erase most of the way but not all of the way.
Step 3: Read the Instructions, Make the Sheets
Put the cardstock in the pouch and laminate it. There you go, a nice wet erase sheet.