In the mixing bowl of a Stand Mixer, place the Warm Water, Meringue Powder, and Karo Syrup, and blend with the Whisk attachment until completely blended and smooth.
Add the Powdered Sugar, about 2 cups at a time, and mix on low, until all the Powdered Sugar has been added. Scrape down the sides of the Mixing Bowl as needed, and blend until the Icing is smooth and creamy.
In two bowls, place about 1/3 of the Icing in each bowl, and leave the remaining Icing in the Mixing Bowl. In one of the bowl, add several drops of Blue Food Coloring Gel, until you have the desired color of Icing.
In the other bowl, add a couple drops of Red Food Coloring Gel, and stir well.
If needed, add more Red Food Coloring Gel, until you have the desired color.
Place the Icing in a plastic Pastry Bag, (You'll have Three bags, one Red, one White, and one Blue), and snip off the very end of the bags.
Pipe the Icing around the outside of the Cookies, (see photos) and pipe around the inside of the Donut hole.
Fill in with the Icing, and add Sprinkles of choice.
Allow about 1 hour for Icing to completely set.
Serve, and Enjoy!