6 oz. cream cheese, softened
1 cup butter, softened
1 tablespoon vanilla extract
1 (2 lb.) pkg. powdered Sugar
2/3 cup milk
4 large eggs, slightly beaten
2 1/2 cups all-purpose flour
1 teaspoon baking powder
1/2 teaspoon salt
2/3 cup water
Preheat oven to 350°F. Generously grease and flour a 12-cup Bundt baking pan, preferably non-stick.
Frosting: In large mixing bowl, beat cream cheese, butter and vanilla extract at medium speed until smooth. Add powdered or confectioners' sugar alternately with milk, beating 1-2 minutes or until blended. Remove 2 1/2 cups of frosting from bowl, placing into a plastic sealable bag, and set aside.
Cake: With mixer at slow speed, add eggs to remaining frosting in mixing bowl. Beat until blended. In separate bowl, combine flour, baking powder and salt. Add flour mixture to frosting mixture alternately with water and continue beating 1-2 minutes or until well blended.
Pour into pan and bake 65-75 minutes or until toothpick inserted in center comes out clean. Cool 30 minutes. While cake is still warm, use a knife to loosen the cake from the sides of the pan. Cool completely before removing from pan. Place cake on serving plate and top with remaining icing.
For Cupcakes: Line 2 or 3 muffin pans with paper liners. Pour to fill halfway, and bake 25 minutes, or until a toothpick inserted in the center of a cupcake comes out clean. Cool completely before frosting.
For Sheetcake: Pour batter into a generously greased and floured 9x13-inch baking dish. Bake 35 to 45 minutes, or until a toothpick inserted in center of cake comes out clean. Cool completely before frosting.