Heat oven to 350°F (325°F for dark or nonstick pans). Grease bottoms only of two 9-inch round cake pans; line bottoms with waxed paper. Make cake batter as directed on box. Spoon evenly into pans.
Bake as directed on box for 9-inch rounds. Cool in pans 10 minutes. Remove from pans to cooling racks. Remove waxed paper. Cool completely, about 30 minutes.
Line 9-inch round cake pan with foil. Spoon and spread ice cream evenly in pan. Cover with foil; freeze until completely frozen, about 2 hours.
On serving plate, place 1 cake layer with rounded side down. Remove ice cream from pan; peel off foil. Place on top of cake. Top with remaining cake layer, rounded side up.
In medium bowl, beat whipping cream, powdered sugar and food color on high speed until stiff peaks form. Frost side and top of cake with whipped cream. Freeze about 2 hours or until firm. Let stand at room temperature 10 minutes before serving.