Preheat Oven and Prep Pans: Begin by preheating your oven to 350°F (175°C). Grease and flour the cake pans.
Mix the Ingredients: In a large bowl, combine the cake mix, 1 cup of Big Red soda, vegetable oil, eggs, and vanilla extract. If desired, add a few drops of red food coloring for a deeper red color. Use an electric mixer set to medium speed to blend the ingredients into a smooth, creamy consistency.
Baking the Cake: Distribute the batter evenly across the greased pans. Allow the cake to bake for about 28-30 minutes, or until a toothpick inserted in the middle comes out without any wet batter.
Cooling and Frosting: Let the cakes rest in their pans for 10 minutes before moving them to a cooling rack to cool down entirely. Once cooled, level the cakes using a cake leveler or serrated knife.
Prepare the Frosting: While the cakes are cooling, beat together the cream cheese, butter, powdered sugar, vanilla extract, and 2 tablespoons of Big Red soda until smooth and fluffy.
Assemble the Cake: Place one cake layer on a serving plate and spread a portion of the frosting on top. Add the second layer and cover the entire cake with the remaining frosting.
Decorate: You can decorate the cake with red sprinkles or maraschino cherries for an added festive touch.