Cool Whip cream cheese frosting is creamy yet fluffy frosting made with cream cheese, salted butter, powdered sugar, and whipped topping. Adding Cool Whip lightens up both the consistency and the sweetness, and is a great way to stretch your recipe so the frosting goes further. Cream cheese Cool Whip frosting is one of my favorite frostings for red velvet cupcakes, but you can also use this for sheet cakes. Perfect for 24 to 36 cupcakes.