This is a recipe from Wilton. I have made this boiled icing and it is wonderful stuff!
3 Tbsp Wilon Meringue Powder
1/2 c cold water
2 c granulated sugar
1/4 c corn syrup
1/2 c water
Beat meringue powder and 1/2 cup cold water until stiff, about 4 minutes. In microwave safe bowl combine sugar, corn syrup and 1/2 cup water. Heat on high bringing syrup mixture to a boil (approx. 5 minutes). Remove from microwave and let mixture cool slightly (1-2 minutes). Slowly add syrup to meringue mixture. Beat on HIGH for 4 minutes until stiff and glossy. (This took me longer than 4 minutes....closer to 10 minutes)
For top of range: Mix sugar, corn syrup and water in 2 qt. saucepan. Bring to boil; cool slightly and follow directions above.
You are looking for something like this...
Boiled icing is nice for string work and other fine detail work. It also sets up nicely on fondant. I don't know that I would ice or fill a cake with it though. It is not as sweet as butter cream and has a bit if a tart taste.