The result was an actually pretty good tasting cake and WONDERFUL cream cheese frosting (which I'm tempted to make and dip fruit into)
The recipe I used: http://www.joyofbaking.com/RedVelvetCake.html
Alterations: I only used cream cheese as I couldn't find any marscapone at any of my local grocery markets! And I used crushed walnuts around the edges instead of coconut.