AllRecipes.com offers a highly rated Italian cream cake recipe called Incredibly Delicious Italian Cream Cake. The majority of reviewers on the site give the cake a rating of five stars out of five.
To make the cake, preheat the oven to 350 degrees Fahrenheit and grease three 9-inch round cake pans. Dissolve 1 teaspoon of baking soda in 1 cup of buttermilk and set the mixture aside. Next, combine 1/2 cup of butter, 1/2 cup of shortening and 2 cups of white sugar in a large bowl, and cream until light and fluffy. Add 5 eggs, the buttermilk mixture, 1 teaspoon of vanilla, 1 cup of flaked coconut and 1 teaspoon of baking powder. Add 2 cups of all-purpose flour, and stir.
After pouring the batter into the pans, bake for 30 to 35 minutes. After baking, allow the cakes to cool. While cooling, make the frosting by combining 8 ounces of cream cheese, 1/2 cup of butter, 1 teaspoon of vanilla and 4 cups of confectioners' sugar in a medium bowl. Beat the mixture until it is light and fluffy. Add up to 2 tablespoons of light cream until the frosting reaches the desired consistency. Finally, stir in 1/2 cup of chopped walnuts and 1 cup of sweetened flaked coconut. Spread the frosting on and around the cake, including between the layers.