Here's one, I've never tried it (DH doesn't like Red Velvet Cake & there's no way I could make & each a whole cake myself!

) but it's in my recipe program.
ETA: This is actually a diabetic recipe for Red Velvet Cake, didn't realize it before
Red Velvet Cake
10 Servings/Serving size: 1 square
1/2 cup shortening
1 cup sugar
1 cup egg beaters
2 tbsp baking cocoa
1 1/2 tbsp red food coloring
1 tsp vanilla extract
2 1/2 cups flour
1/2 tsp salt
1 tsp baking soda
1 cup low-fat buttermilk
1 tbsp vinegar
1 cup light cool whip
Heat the oven to 350 degrees. Cream the shortening, sugar, and egg substitute together. In a small bowl, make a thick paste of the cocoa and food coloring and add it to the cream mixture. Stir in the vanilla.
Sift together the flour, salt, and baking soda. Alternately add portions of the flour mixture and the buttermilk to the creamed mixture, stirring well.
Mix in the vinegar and pour the batter into a 9 x 9-inch or oblong pan. Bake for 30 minutes. Allow to cool. Cut into 10 squares and top each square with whipped topping.
Exchanges:
Carbohydrate Exchange -- 3
Fat Exchange -- 2
Calories -- 326
Calories from Fat -- 106
Total Fat -- 12g
Saturated Fat -- 3g
Cholesterol -- 1mg
Sodium -- 314mg
Carbohydrate -- 48g
Dietary Fiber -- 1g
Sugars -- 23g
Protein -- 7g
Hope you enjoy!
Traci