Make It
Step 1
Prepare cake mix according to package directions with eggs, water and oil and using a 13 x 9-inch baking pan. Remove from oven; poke holes all over top of cake with wooden skewer.
Step 2
Combine sweetened condensed milk and evaporated milk; stir to combine. Drizzle over top of cake. Cool cake completely before frosting.
Step 3
Beat cream cheese and butter in large mixer bowl until smooth and creamy (should take about 4 minutes). Reduce speed and gradually add powdered sugar and vanilla extract. Increase speed to medium-high and beat until light and fluffy. Spread over top of cake. Decorate as desired. Store any leftover cake tightly covered in the refrigerator.