Answer:
I am milky white and scares people.
I have a few points but we're not competing. I'll help you win when you're eating. What am I?
I am rubber you can eat!
I let water fall on you while everyone else stays dry.
I go into the water black and come out red. What am I?
Black we are and much admired. Many seek us if they are tired. We tire the horse, and comfort man, and turn White when we've fulfilled your plan.