sculpting with rice crispies
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Ugghhh I typed out a reply and my computer froze! Anyhow, just make rice crispie treats without the butter. For the octopus just form a ball. Keep your hands well greased!
I have never done this (picture is from Google images) but this is what I would try, For the shark head form a torpedo shape then cut it diagonally on the side and pull the mouth out a little, shaping it till it looks good to you. After it sets up some pour melted white chocolate over it to fill in the little holes. Cover either in modeling chocolate or fondant. Paint it using powdered food coloring and vodka or lemon extract (the alcohol will evaporate. Make gumpaste teeth and attach with piping gel or wet the ends with a small paint brush. Make eyes from fondant balls and paint black.
Edit....it leaves less air pockets to fill if you crush your crispies AFTER measuring.
if that works well it would certainly be easier and cheaper than using chocolate! I just finished covering a RKT wine bottle. Looks pretty awesome if I do say so myself. Many use buttercream to smooth it out...