Prepare the red velvet cake mix and bake in a 9x13-inch pan according to the box instructions.
One box red velvet cake mix
While the cake is in the oven, add one 8 ounce block of cream cheese to a mixing bowl.
Two 8 ounce blocks cream cheese
Stir the cream cheese and 1 teaspoon of the vanilla until it's smooth. You can do this with a hand mixer or simply mix by hand.
2 teaspoons vanilla extract
Slowly add the sweetened condensed milk and mix until smooth. Using a whisk will help ensure it's a smooth sauce.
One 14 ounce can sweetened condensed milk
When the cake comes out of the oven, use the end of a wooden spoon to poke holes into the cake.
Pour the filling over the cake, using a spatula to spread it out and help it get into the holes.
Refrigerate for at least 2 hours.
In a large mixing bowl, stir the remaining cream cheese until smooth. Again, you can do this with a hand mixer or simply mix by hand.
Two 8 ounce blocks cream cheese
Add the powdered sugar, 1 teaspoon of vanilla and a little bit of the whipped topping; stir until smooth.
2 teaspoons vanilla extract, One 8 ounce tub whipped topping, 1/2 cup powdered sugar
Keep adding the whipped topping until it's all incorporated.
Spread evenly over the cake.
Decorate as desired with sprinkles, mini chocolate chips, etc!
sprinkles
Enjoy immediately or refrigerate until ready to serve.