HEAT oven to 400ºF. Combine powdered sugar and shortening in a large bowl; beat on medium speed until light and fluffy. Beat in egg, salt, water, vanilla and almond extracts. Using a spoon, stir in flour until well mixed.
FIT cookie press with desired template. Fill cookie press; press dough onto ungreased cookie sheets. Sprinkle with colored sugar, if desired.
BAKE 7 to 9 minutes or until set, but not brown. Cool one minute. Remove to cooling rack.