Start by cutting each graham cracker for the houses and put like-pieces with like in piles. Line each side wall with frosting and lean it up against something and wait for it to dry, then put the house together and add the roof. Wait for it to dry for 10 minutes and decorate as desired.
For the frosting-glue: Start by beating together meringue powder, peanut butter and water (it's okay if there are a few little clumps). Mix for 3 minutes, then add the powdered sugar and beat for 5 minutes, or until the frosting holds a peak. Put into a plastic bag and cut the end off one corner to use as a piping bag.
Recipe adapted for Hormel Foods and used with permission from Sweet Phi