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TO MAKE THE CAKE: Place 1 oven rack in the top third of the oven and the second in the bottom third.
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Preheat the oven to 350F.
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Line three 9-inch cake pans with parchment paper rounds, grease with butter or cooking spray, dust the pans with flour, and knock out the excess.
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Using an electric mixer fitted with the paddle attachment, cream the 1 cup butter and 1 1/2 cups granulated sugar on medium-high speed until light and fluffy, about 3 minutes.
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Use a rubber spatula to scrape down the sides of the bowl.
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In a bowl, stir together the flour, baking powder, and salt.
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Stir the vanilla into the 1 cup whipping cream.
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Add the flour mixture and cream in alternating batches, beginning and ending with flour.
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After each addition, mix on low speed just to combine the ingredients.
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Stir in the 1 1/2 cups nuts.
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In a separate bowl, using an electric mixer fitted with the whisk attachment, whip the 5 egg whites on high speed until stiff, but not dry, peaks form.
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Gently fold the egg whites into the batter.
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Spoon the batter evenly into the prepared cake pans.
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Set 2 layers on 1 rack and the third on the other.
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Stagger the cake layers on the oven racks so that no layer is directly over another.
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Bake until the cake is firm to the touch, and a toothpick inserted into the middle comes out clean, 25 to 30 minutes.
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Monitor the layers carefully for doneness; each may be done at a different time.
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Cool the layers in their pans about 10 minutes; unmold onto wire racks to cool completely.
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TO MAKE THE FILLING: Melt the 2 cups white chocolate chips in a metal bowl set over a saucepan with 2 inches of lightly simmering water.
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Stir constantly until the chocolate is melted completely.
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Or melt the chocolate in a glass bowl in the microwave at 50 percent power30 seconds at first, then in 15-second increments, stirring the chocolate between each heating until melted.
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Let the chocolate cool for about 15 minutes.
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Using an electric mixer fitted with the paddle attachment, cream the 2 cups butter on medium-high speed, about 1 minute.
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Add the powdered sugar and 1/4 cup whipping cream and beat on medium-high speed for about 2 minutes.
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Beat in the cooled white chocolate until it is completely incorporated.
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TO MAKE THE MERINGUE FROSTING: Set a large, perfectly clean metal bowl over a pot filled with 2 inches of lightly simmering water.
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Pour in the 10 egg whites and the 3 cups granulated sugar.
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Heat the egg whites and sugar, whisking constantly, until the sugar melts and there are no visible grains in the meringue.
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(Rub a little bit of meringue between your fingers to make sure all sugar grains have melted.)
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Remove the meringue from the heat and beat it in a mixer fitted with a whisk attachment on high speed until the meringue is stiff and shiny, about 5 minutes.
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Fold in the 1 cup cooled melted chocolate.
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TO ASSEMBLE THE CAKE: Place 1 cake layer on a serving plate and spread the top with half of the filling.
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Repeat with a second layer.
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Stack the final cake layer on top of the first 2 and generously cover the top and sides with meringue frosting.
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Sprinkle with chopped macadamia nuts.
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You can make and assemble the cake layers and filling up to 1 day in advance.
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Wrap and refrigerate.
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Make the icing within a few hours of serving.
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For a spectacular presentation, use a kitchen torch to toast the meringue frosting until it is a light golden brown.
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Hold it 2 to 3 inches away from the meringue and move the flame slowly around the frosted cake until it is golden all over.
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I love the way it makes the cake look like a giant meringue.
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White chocolate is made with just cocoa butter, the fat component of the cacao bean, plus milk solids, sugar, and, depending on the brand, other flavorings and ingredients.
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But some manufacturers replace all or most of the cocoa butter with vegetable oilseven partially hydrogenated vegetable oils.
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For best results, I recommend Sunspire white chocolate chips, Bernard Callebaut white chocolate drops, or Guittard white chocolate wafers.
