Mix cream cheese, and powdered sugar, and cool whip until smooth.
Spread frosting over cooled cake.
Just before serving, top individual slices with cherry topping.
Notes
For an extra rich and dense cake, don't use the ingredients recommended on the side of the box. Mix the cake mix with 4 egg whites, 1 tablespoon vanilla, 1/3 cup vegetable oil, 3/4 cup buttermilk, and 3/4 cup sour cream.