Who can resist a moist, tender layer cake that's piled high with beautiful whipped frosting? Not me, and that's for certain! Your family will be begging for this cake at every birthday and family gathering from now on, and it's a cake that will make anyone you give it to feel super special because it looks so gorgeous.
Prepare the cake batter as per the package directions using the ingredients listed here in this recipe. (You will be substituting butter for the oil and adding vanilla extract.)
Upon removing the cakes from the oven, immediately cover each pan with foil, letting the cakes cool completely.
In a large mixing bowl, using an electric mixer, beat the cream cheese with the sugar and the extracts until well combined. Add the whipping cream, beating it in a little at a time until stiff peaks form, adding the food coloring of your choice during this time, if desired. Refrigerate the frosting at this point if you aren't immediately frosting the layer cakes.
Add the second cake to the top of the frosted layer cake, placing this one so that it is top-side-up (this puts the flat bottoms of each cake together and they will "sit" better for you). Now, frost the second layer cake on the top and the sides, smoothing the frosting over both layers, as desired.
Once the cake is frosted, place it into a large cake carrier and store in the fridge for 8-10 hours to let layers absorb some of the moisture from the frosting and to thoroughly chill. Cake will keep 2-3 days in the fridge.