Scissors
Hot glue
Spray paint
Pencil
Straw
Spring clothespin
If you can't find colored cotton balls, you can use spray paint.
Cut a 5" circle out of the paper. Cut the circle in half. Roll the half circle into a cone using the center of the circle as the bottom point of the cone.
Take the cotton balls and push them one at a time onto the point of a pencil until you've made a hole all the way through them. Then push one onto the point of the cone. Push it up to the top of the cone. Run a bead of hot glue around the bottom of the cotton ball. This will hold it on the cone and hold the two balls together. Push the second ball onto the cone. Repeat for a third cotton ball if desired.
Smooth the cotton balls together so they look like one ball. Pinch and pull the cotton in the gap between the balls of cotton all the way around. Then smooth them up toward the top. Repeat if necessary.
If you couldn't find colored cotton balls, put the bottom of the cone in a straw. The straw keeps the cone from getting painted and makes a convenient stand. Use a clothespin to hold the very bottom of the cone in the straw.
Spray paint the cotton all around, top and bottom. Stand the straw up in a cup for a few minutes until the paint is dry. The paint will help the cotton hold it's shape.