Combine butter, confectioners sugar, mini marshmallows, corn syrup, cold water and vanilla extract in medium saucepan. Heat over medium heat until boiling, stirring constantly.
Combine sugar mixture with popcorn, coating evenly.
Spray cooking spray onto hands, gloves, or inside of popcorn ball maker, and quickly roll popcorn into balls before the mixture hardens. Be careful, the mixture will be hot!
Place balls onto wax paper to cool. Wrap in cellophane or plastic bags to store until ready for decorating.
Melt blue candy melts in small microwaveable dish, stirring every 10 seconds until melted. Use tip of a knife to carefully dip and place blue eyes onto your white candy melts. Allow to dry.
Melt black candy melts in small microwaveable dish, stirring every 10 seconds until melted. Use tip of a knife to carefully dip and place black circles on top of your blue eyes. Allow to dry.
Melt about 5 white candy melts in small microwaveable dish, stirring every 10 seconds until melted. Dip backs of eyes into the melted white candy melts and adhere to your popcorn balls. Allow to fully dry.
Create Everest's mouth using the black decorating gel. Cut white chocolate baking chips in half to create teeth and adhere to the mouth. Allow to dry.
Top the popcorn balls with coconut flakes for Everest's awesome hairdo!
Serve immediately or tightly cover. Makes 16-20 popcorn balls.