Pipe a blue icing swirl on cupcake with a large star tip. Roll out red and yellow fondant to ⅛-in. thick. Cut out one 2½-in. red circle and one 2-in. yellow circle. Using a small round cutter, cut a wave pattern from edges of circles. Use a dab of icing to affix yellow fondant on top of red fondant. Using a red food colouring pen, draw dots all over yellow fondant. Cut the letters P, O and W from red fondant and colour edges with black food colouring pen. Place letters on yellow fondant, using icing to secure, then place disc on top of cupcake.
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