Step 1: Preheat the oven to 350 F.
Step 2: Beat eggs and coconut milk into cake mix. Beat in softened cream cheese, sour cream, melted butter, 1 teaspoon vanilla, 2 tablespoons rum, and 1 teaspoon coconut flavoring.
Step 3: Divide cake batter into two well greased 9-inch diameter cake pans and bake for 20-25 minutes, or until toothpick comes out clean.
Step 4: In a medium sized bowl whisk all syrup ingredients together until well blended. Once cakes are cool remove from pans. Cut off rounded tops of cakes. Place the cakes back in their pans. Prick the cakes all over with a toothpick. Pour syrup over the two cakes, be sure to divide syrup evenly. Cover with cling wrap and refrigerate for at least 4 hours or overnight.
Step 5: Prepare a double boiler. Mix together all frosting ingredients except coconut. Over med-low heat with an electric mixer beat on high for 5-6 minutes (be careful not to curdle) until frosting becomes thicker and fluffy. Remove from heat and continue to beat for another 1-2 minutes.
Step 6: Place first cake on platform and spread all over with frosting. Place second cake on top and spread all over with frosting. Sprinkle shredded coconut.
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