This is a really easy project that I enjoyed as much as the students. I did this with grade 1 students but I'm sure any year level will enjoy it. The idea comes from 'I Can Teach My Child', where Jenae says you can use either regular textas/markers or liquid watercolours. I found the markers weren't as effective so we used tempera paints. I also discovered that very few children this age could wind the rubber bands around the wipes so you will probably need a helper for young children.
The results were exciting though and once dry you could incorporate them into another art work. We simply glued ours onto card as an example of experimental painting. We also completed 'Spin Paintings' in the same lesson. With older students you could discuss more about the history of the artform and perhaps link it to similar techniques such as Batik.