Acrylic paint is fast-drying paint containing pigment suspended in an acrylic polymer emulsion. Acrylic paints can be diluted with water, but become water-resistant when dry. Depending on how much the paint is diluted (with water) or modified with acrylic gels, mediums, or pastes, the finished acrylic painting can resemble a watercolor or an oil painting, or have its own unique characteristics not attainable with the other media.
(Reference: http://en.wikipedia.org/wiki/Acrylic_Painting)