Uses:
protect your wound (see safety measures)
protect your eyebrows: just spread evenly on eyebrows until you almost can't see any hair sticking out. apply non-toxic pva glue to set it in place and dab on liquid latex. wait for it to dry.
smoothen out prosthetic to merge with skin. most of the time when you re-apply prosthetics, the sides just won't stay down, cut those sides and just spread out this putty after you've stuck the prosthetic in place and when you think it's smooth enough. dab liquid latex to cover it and keep it in place.
make simple wounds: for simpler wounds you can just shape it to the shape of wound you want and dab liquid latex on. then you can paint it however you want.