Preheat oven to 350°F. Prepare three 8-inch cake pans pans with baker's floured cooking spray, or grease and line with parchment rounds.
(Cranberry juice reduction - I had trouble finding cranberry flavor extracts, so I bought juice and reduced it on the stovetop (3/4 cup to 1/4 cup). If you can find an extract, using a Tablespoon plus an extra 3 Tablespoons of buttermilk will save you some time!)
Mix together all dry ingredients (flour, sugar, baking powder, and salt) in a stand mixer (or large bowl with a hand mixer) until fully combined. Mix chunks of room-temperature butter slowly into the dry mix, on a low speed. Continue to mix until no large chunks of butter remain, and the mixture becomes crumbly.
Pour in egg whites and mix on low until just incorporated. Mix in the buttermilk, vodka, triple sec, cranberry reduction, and food coloring on a low speed. Add in extracts and oil, and mix at a low speed until fully incorporated. Scrape down the sides of the bowl with a spatula, then beat on medium speed for about 30 seconds.
Divide batter evenly between the prepared cake pans (I find a kitchen scale helpful for this part – I ended up with about 650g per pan). This guarantees your layers will bake to be the same height.
Bake for 34-37 minutes, (or until a toothpick comes out clean). Allow cake layers to cool for 10-15 minutes on a wire cooling rack before removing from pans – it helps to run an offset spatula or knife around the perimeter of the pan first. Cool completely before frosting. Set in the fridge or freezer to accelerate the cooling process if desired.
Once the layers have fully cooled, they can be leveled and any caramelized bits can be trimmed from the sides / top of the cake using a serrated knife if desired. Be sure the layers are completely cooled or chilled before trimming. If you try to trim the layers while they’re still warm, they will crumble apart.
While you’re waiting…make your frosting!
Cosmo Frosting
Beat together softened cream cheese and butter; slowly add in powdered sugar alternating with vodka and extracts until frosting reaches desired consistency. Add salt if needed and beat until well combined.
Assembly
Place a smear of frosting on your large cake circle (to keep the cake from sliding while you decorate it) and center your first 8-inch cake layer in the center of the circle.
(I wanted a bit more of a liqueur kick to the cake layers, so I used a squeeze bottle to infuse each one with about 30mL/2T of a mix of vodka, cranberry juice, and triple sec. Optional but recommended!)
Spread the layer with frosting). Zest a bit of lime and orange over the frosting (if desired), and add your next cake layer on top. Repeat the process with your remaining cake layers.
Frosting
Now you're ready to crumb-coat . If you're unfamiliar with crumb-coating, it's just what it sounds like – spreading a thin layer of frosting over the entire outside of the cake to keep crumbs out of your final layer.
Once your crumb coat has set (this takes about 5-10 minutes in the fridge), add your final layer of frosting and smooth. I like to use an offset spatula and bench scraper for this part. Place in the refrigerator to chill the cake slightly so the drip will set more easily.
Cake drip & decorations
Place heavy cream and white chocolate chips in a microwave-safe bowl, and microwave on 50% power in 30-second intervals until smooth, stirring in between. Add food color and stir until smooth.
When your ganache has cooled to a moderate temperature – it should feel slightly warm and still be fairly liquid – transfer it to your piping bag or squeeze bottle. Slowly drizzle ganache around the edge of the cake, pausing about every ¾ to 1 inch to let ganache drip down the side of the cake to create a drip. Pour a few tablespoons over the top of the cake (and into your glass if desired) and spread gently with an offset spatula, then turn your martini glass over and press it into the top of the cake.
Add a few spiraled lime slices or wedges and a few lime and orange zest curls - and you're done! Step back and admire your amaaazing cake! Enjoy!
Video
Notes
(Please note nutrition information is an estimate and may not be exactly accurate.)