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1
Preheat oven to 350 degrees F. Grease and flour two 9x1-1/2-inch round cake pans or two 8x8x2-inch square baking pans or coat with nonstick spray for baking; set aside.
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2
In a large bowl, beat cake mix, sour cream, water, oil, eggs, and food coloring with an electric mixer on low speed for 30 seconds. Scrape down sides of bowl. Beat mixture on medium speed for beat 2 minutes more, scraping down the sides again if needed. Spread batter evenly into prepared pans.
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3
Bake cakes for 25 to 30 minutes for 9-inch pans or 30 to 35 minutes for square pans or until a toothpick inserted near centers comes out clean. Cool cakes in pans on wire racks for 10 minutes. Remove cakes from pans. Cool thoroughly on wire racks.
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4
In a small saucepan, melt 4 ounces white baking chocolate over low heat, stirring frequently; cool 10 minutes. Meanwhile, in a very large mixing bowl, beat butter, cream cheese, and vanilla with an electric mixer on medium speed for 30 seconds or until smooth. Gradually beat in 2 c powdered sugar. Beat in 1 tablespoon milk. Gradually beat in an additional 2 cups powdered sugar. Beat in melted white chocolate until well combined.
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5
If needed, beat in additional milk, 1 teaspoon at a time, to make frosting spreading consistency.
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6
Spread frosting between layers and over sides and top of cake. Sprinkle with toasted coconut. Cover and chill cake to store. If you like, garnish with sugared cranberries.
