@anon113995: Almond icing, or marzipan, isn't the same though it provides a similar appearance. Marzipan can't be true white or any other non-yellow color. Also marzipan has a almond flavor (for obvious reasons).
@Sid: No. It either was made poorly or needs more powdered sugar when kneading/rolling.
@anon60863: you've probably already found that it's pretty difficult to roll out a sheet of fondant large enough to cover three cakes stacked. You'll need to cover each individually. If you're having trouble with professional looking edges, either use ribbon, strips of fondant to look like ribbon or icing to decorate the place where the cakes meet.
@anon27374: Comprised of mostly jello? No. Otherwise, you might be able to do it but it's probably not going to work. The jello makes the cake a bit too unstable. You'll likely have problems with the fondant cracking or sliding.
@dlborman: hang it to dry and then store it in an airless container (check sports memorabilia shops if you want to be able to display it) and put a little silicon packet in (those sort that absorb moisture in packaging).
@bigmetal: So true! A quality baker can make buttercream look amazing, too.