Combine water, peppercorns, bay leaf and dried dill in a saucepan. Cover and simmer about 10 minutes; strain. Dissolve Jell-O, salt and cayenne in the hot liquid. Add vinegar. Chill until syrupy.
Place sandwiches on a rack and pour syrupy gelatin over them, allowing about ¼ cup for each large sandwich. Chill until glaze is firm.
*Some sandwich suggestions include - Pumpernickel bread spread with mustard and topped with swiss cheese, sauerkraut and corned beef, buttered whole wheat bread spread with bleu cheese and topped with sliced chicken and crisp bacon.