Bake a yellow cake recipe (your favorite). Then ice:

2 1/2 c. sugar
1 c. milk
1/2 c. boiling water
1 tbsp. butter
2 tsp. vanilla
1 c. nuts, chopped

Caramelize 1/2 cup sugar in heavy skillet until a light brown in color. Add 1/2 cup boiling water. Let simmer for about 3 or 4 minutes. Then add the other sugar and milk. Cook to soft ball stage. Remove from heat and add butter and vanilla. Let cool then beat until it sets up and is ready to spread. Add nuts and ice cake.