In saucepan over medium heat, combine corn syrup, margarine, cold water and confectioners' sugar. Heat and stir until mixture comes to a boil. Pour mixture onto pre-popped popcorn in large bowl and stir to coat. Carefully mix in Jelly Belly jelly beans, pretzels and chocolate covered raisins.
Grease hands with cooking spray, and quickly shape coated mixture into balls. Refrigerate to set, or wrap in plastic wrap. Makes about 12 balls.