Soak a roll of toilet paper in a bowl of warm water until the paper is thoroughly soaked. Discard the cardboard tube.
Take the toilet paper out of the water, and squeeze as much water out of it as you can. Discard the water and put the paper back in the bowl.
Tear the paper into smaller pieces.
Add about 1/2 cup flour, 2 tablespoons of linseed oil, 3/4 cups of white glue and a cup of joint compound (the kind used for drywalling).
Mix the ingredients for several minutes using an electric mixer.
Check the mixture for lumps of paper. If you find any paper that has not completely broken down into its fibers, break the lumps apart and mix some more. You should end up with a ball of paper clay with the consistency of dough.
Store the paper clay in an airtight container until you are ready to create your sculptures. The clay should last about a week.