Line cookie sheet with cooking parchment paper. Draw 11-inch circle on paper. Turn paper over so mark is on underside; line will show through.
In large bowl, break up 2 rolls cookie dough; stir in molasses. Add flour, cinnamon, ginger, allspice and cloves; mix thoroughly with hands. Divide dough into thirds; shape into 3 disks. Wrap in plastic wrap. Refrigerate 1 to 2 hours or until thoroughly chilled.
Heat oven to 350°F. On floured surface, shape one-third of the cookie dough into ball; press into flour. Keep remaining dough refrigerated. Press dough to form 8-inch round. Place in center of circle on paper-lined cookie sheet. Roll to form 11-inch round, about 1/4 inch thick. If necessary, trim uneven edges. Cut 4-inch round from center; remove smaller dough round, and set aside for cutout cookies.
Bake wreath 8 to 10 minutes or until set and light golden brown. Cool 4 minutes; remove from cookie sheet to cooling rack to cool completely.
Meanwhile, roll half of remaining dough on floured surface to 1/4 inch thick. With 1 1/2- to 3-inch cookie cutters, cut out shapes. Place on ungreased cookie sheets. Repeat with remaining half of dough, rerolling scraps.
Bake 8 to 10 minutes or until set and light golden brown. Remove from cookie sheets to cooling rack. Cool completely, about 15 minutes.
In small bowl, blend powdered sugar and enough water for desired spreading consistency. Divide frosting into small bowls; add food colors as desired. Frost and decorate cookies as desired. With dabs of frosting, attach cookies to cookie wreath, allowing 1 layer to set before adding another layer. Serve remaining cookies with wreath.