Preheat oven to 375°. In a large bowl, cream butter, 1-1/4 cups confectioners' sugar and salt until light and fluffy, 5-7 minutes. Beat in egg and extracts. Gradually beat flour into creamed mixture.
Using a cookie press fitted with a disk of your choice, press dough 2 in. apart onto ungreased baking sheets. Bake until set, 6-8 minutes (do not brown). Remove to wire racks to cool completely.
Mix remaining 1 cup confectioners' sugar and enough water to reach desired consistency. Decorate as desired. Let stand until set.