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MAKE THE ICE CREAM: In a medium saucepan, warm the milk and cream.
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In a large bowl, combine the cream cheese and white chocolate.
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In a medium bowl, whisk the egg yolks with the sugar and salt until thick and pale.
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Gradually whisk the hot milk and cream into the yolks.
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Pour the mixture into the saucepan and cook over moderately low heat, stirring constantly, until it coats the back of a wooden spoon, 6 minutes; do not let it boil.
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Strain through a fine sieve over the cheese and chocolate.
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Let stand for 1 minute, then stir until smooth.
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Refrigerate until chilled, 4 hours.
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Pour the custard into an ice cream maker and churn.
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Transfer the ice cream to an airtight container and freeze until firm, about 4 hours.
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MEANWHILE, MAKE THE CAKE: Preheat the oven to 350F Butter and flour a 12-inch round cake pan.
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In a large bowl, whisk the flour with the sugar, cocoa powder, baking soda and salt.
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In a medium bowl, whisk the oil with the buttermilk, eggs, food coloring, vinegar and vanilla.
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Whisk the liquid ingredients into the flour mixture.
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Pour the batter into the prepared pan and bake for 40 minutes.
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Transfer the cake to a rack and let it cool completely in the pan, 2 hours.
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MAKE THE PECAN PRALINE: Line a baking sheet with parchment paper.
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In a heavy, medium saucepan, combine the sugar and water.
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Cook over moderate heat without stirring until a deep amber caramel forms, about 15 minutes.
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Remove the pan from the heat and stir in the pecans.
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Pour the praline onto the parchment-lined baking sheet and spread in an even layer.
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Let cool until hardened, then chop medium-fine and transfer to a bowl.
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Line the baking sheet with another sheet of parchment paper.
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Scoop 12 balls of the cream-cheese ice cream and set them on the baking sheet.
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Freeze the balls.
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Slice the cake into 12 wedges and dust with confectioners' sugar.
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Transfer to plates.
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Roll the ice cream balls in the pecan praline.
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Serve with the cake.