This is my preschoolers favorite way to paint!   Basically, it is what it sounds like; shaving cream mixed with paint.   We usually mix the shaving cream with tempera paint as it has the smoothest consistency and is the cheapest!   We have three tubs of primary colored paint: red, blue and yellow that we mix to get a whole host of colors.   When mixed with the cream, the colors look more neon and bright.
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Perks of using shaving cream paint:

• You can adapt the consistency making your paint good for either precision painting with a brush or finger painting
• It makes the paint go farther and hence you get more bang for your buck
• Nearly impossible to spill!   You can hold the container of paint upside-down and the shaving cream will cause it to stick to the sides of the container.   You won’t spill a drop!
• Diluting the paint makes the colors more brilliant, almost neon, AND they are easier to clean/wipe up
• Your kids and artwork will smell good!