David got me the Cricut Deep Blade for Christmas, and the first thing I tried it on was foam! You know... those dirt-cheap packs of craft foam you can get at HL, Ms, etc? Yeah, those! And the cricut cut right through them like butter! I believe I had the blade set to a 5 or 6 and the next-to-the-last pressure setting. I used a medium speed and no multi-cutting!
I just had to bling 'em up a little and added some sugar coating glitter to the tops!
FYI - I used Cuttin' Up for the title and the bath bubbles from New Arrival.