This cake is a favorite among many of my coworkers. I provided a recipe below, or you can take the Sandra Lee shortcut and but a red velvet cake mix and make your own frosting. Either way it will certainly be delicious.

Cake:
2 cups sugar
1/2 pound (2 sticks) butter, at room temperature
2 eggs
2 tablespoons cocoa powder
2 ounces (1 small bottle) red food coloring
2 1/2 cups cake flour
1 teaspoon salt
1 cup buttermilk
1 teaspoon vanilla extract
1/2 teaspoon baking soda
1 tablespoon vinegar
Icing:
1 (8-ounce) package cream cheese
1 stick butter, softened
1 (1-pound) box confectioners' sugar
1 cup chopped pecans
Directions
Preheat oven to 350 degrees F. In a mixing bowl, cream the sugar and butter, beat until light and fluffy. Add the eggs one at a time and mix well after each addition. Mix cocoa and food coloring together and then add to sugar mixture; mix well. Sift together flour and salt. Add flour mixture to the creamed mixture alternately with buttermilk. Blend in vanilla. In a small bowl, combine baking soda and vinegar and add to mixture. Pour batter into 3 (8-inch) round greased and floured pans. Bake for 20 to 25 minutes, or until a toothpick inserted into the center comes out clean. Remove from heat and cool completely before frosting.
Icing:
Blend cream cheese and butter together in a mixing bowl. Add sugar and blend. Fold in nuts. Spread between layers and on top and sides of cooled cake.
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