Oh, Play-Doh. Is there a mama alive who doesn't have a love/hate relationship with the stuff? Play-Doh delights children's senses; afterward, it is obnoxiously present in the carpet, their hair and their mouths. In our household, Play-Doh is one of those "max supervision" items. Our almost five year old does not get to play with certain art supplies like clay, markers, or paint on her own yet. I respect that she gets some sensory jollies out of these things; however, almost without exception it ends up everywhere but the area to which it's been designated.
I suggest you make a few rules - no Play-Doh outside of whatever area (kitchen table, playroom, et cetera) you choose. Keep an eye on your kiddos the first several times. If they cut the muster, then let 'em play with it alone - with the understanding if you find any outside of the play area that they lose access to whatever color that is, or no Play-Doh for "x" amount of time.
Good luck!