The waterbomb base is the starting point for many origami models. The frog, flowers, and a few airplaces all start with this shape. Many model directions will simply say "fold a waterbomb base". It is a simple base that involves two valley folds and a single mountain fold, and yields a triangle.
Valley fold the bottom right hand corner up to meet the top left hand corner. A valley fold is the only fold you can make with the paper laying flat on the ground. It forms a shape like a valley. Make a good crease, and unfold.
Valley fold the bottom left hand corner up to meet the top right hand corner. Make a good crease, and unfold.
Mountain fold the top half to the bottom. A mountain fold is accomplished by turning the paper over, and then valley folding. Make a good crease, and unfold.
Turn your model back over, and stand the mountain up. This is a great picture to explain a mountain fold.
Put your finger on the middle of the paper and push straight down until the corners "pop" up.
The folds will naturally collapse into a triangle shape, four layers thick.
Here is the complete waterbomb base. There are four flaps to the triangle, and with a little work you can make this stand up.
With that under your belt, you are ready to make a waterbomb, one of my favorite toys.