Pop popcorn in microwave or on stove according to instructions. Place the popped popcorn in a large bowl. In a medium pan, add the butter and melt on low, then add the marshmallows, powdered sugar, corn syrup and water. Cook while stirring until it comes to a hard boil. Remove from heat and add a few drops of food coloring until it turns the color you wish. Stir well and pour over the popcorn. Stir to coat all of the popcorn, then shape into ball with buttered hands. Wrap each ball with plastic wrap.