1In 3-quart saucepan, cook and stir molasses and water over medium heat until hot; remove from heat. Stir in butter and brown sugar until smooth. Stir in remaining ingredients except candy coating and decorating sugar. Divide dough in half; shape into 2 disks. Wrap each in plastic wrap; refrigerate 1 hour.
2Heat oven to 350°F. On floured surface, roll 1 disk of dough 1/8 inch thick. Cut with floured 3- to 3 1/2-inch gingerbread boy and girl cookie cutters. With 1-inch heart-shaped cutter, cut out small heart in center of each cookie. On 1 ungreased cookie sheet, place gingerbread cutouts. On second ungreased cookie sheet, place hearts. Repeat with second disk.
3Bake hearts 5 to 7 minutes, gingerbread cookies 7 to 9 minutes, or until set. Remove from cookie sheets to cooling racks.
4In small microwavable bowl, microwave candy coating on High 1 minute; stir until smooth. Frost each heart with coating; immediately sprinkle with red sugar. Place dot of melted coating on back of heart; place on hand of each gingerbread cookie or near cutout heart on body of cookie. Decorate as desired.