A good caramel cake recipe is Betty Crocker’s golden caramel cake. To make this recipe, begin by heating the oven to 350 degrees F. Grease and flour two 9-inch round pans.
Beat 1 box of yellow cake mix, 1 cup milk, 1/3 cup melted and cooled butter or margarine, 1 teaspoon vanilla and 3 eggs in a large bowl with an electric mixer. Beat on low speed for 1 minute, while constantly scraping the bowl. Beat for 2 more minutes on medium speed.
Remove, cover and refrigerate ½ cup of batter to later use in the icing. Pour the rest of the batter into the prepared pans. Bake and cool, according to cake mix box directions.
To make the icing, start by heating ½ cup butter or margarine over low heat in a heavy, 2-quart saucepan. Stir continually until it becomes brown; remove from heat. Stir in one cup powdered sugar, the ½ cup reserved cake batter and ½ cup evaporated milk. Cook mixture over medium heat, stirring constantly with whisk. Continue cooking and stirring until mixture is smooth, bubbly and nearly thick.
Remove from heat and stir in 1 teaspoon vanilla. Let cool slightly, fill the layers and frost the cake with the icing. Store the finished cake loosely covered.