Cool Down Time

• Red velvet cake needs a two-part cooling process. Let the cake cool in the pan slightly for about 10 to 20 minutes. Place a plate over top of the cake, then flip the pan over. The cake should slide out onto the plate. At this point, the cake is still too warm to frost. Leave it to cool until it doesn't feel warm at all when you touch it. Depending on the room temperature, the cake should completely cool in about 30 minutes.

Keep it Fresh

• If you plan to let the cake sit overnight before icing it, you need to wrap it securely to prevent it from going stale. You can store it in a plastic cake keeper with a lid or wrap it tightly in plastic wrap. Let the cake sit out overnight on the counter, not in the refrigerator. The cold air in the refrigerator speeds up the staling process, according to food writer Harold McGee in "On Food and Cooking." Wrapped well, the unfrosted cake should keep at room temperature for a few days.

Extended Storage

• You can bake a red velvet cake well before you plan on icing and serving it. An unfrosted cake will keep in the freezer for up to six months, as long as it is securely wrapped. Set the cake on a piece of cardboard, then wrap it in several layers of plastic wrap. Secure the wrap with freezer tape. Protect the cake in the freezer by placing it in a sturdy box or plastic container. When it is time to frost the cake, let it thaw on the counter for at least two hours. Frost it once it has reached room temperature.

After It's Frosted

• How you store a red velvet cake after icing it depends on the type of frosting you used. Cream cheese frosting needs to be kept in the refrigerator, as does a cake frosted with a whipped cream icing. Cream cheese frosted cakes will keep for a week in the refrigerator while a whipped cream frosted cake will last for about three days. You can leave a cake frosted with buttercream at room temperature for up to three days.