This invention relates generally to water resistant peelable protective and decorative clear or pigmented foam coating compositions and, more specifically, to aqueous and solvent based, polymeric coating compositions which form a protective and / or decorative coating and is removably adheres to a variety of substrates, including automotive paints, metals, glass, vinyl, plastics, concrete, natural and synthetic elastomers, and ceramics. The coatings present a three-dimensional expandable foamy coating, and can be readily peeled off from the substrate as a whole piece. The coatings may be formulated for temporary or long-term protection depending upon the application. The peelable coatings can be applied as a paint, paste, film, or expandable foam cord whereby the expansion of the foam can be controlled by the formulation and applicator.