Divide melted white candy into four portions. Tint candy blue, red, yellow and orange. Place alphabet cutters on waxed paper and fill halfway with melted candy. Freeze for 10 minutes to set; unmold.
Ice cake smooth; let set. Make ganache recipe using Lt. Cocoa Candy Melts. Place cake on wire rack over drip pan and cover with ganache glaze. When set, transfer cake to platter. Position candy letters.
Place Lt. Cocoa Candy Melts wafers on waxed paper. Using melted candy in cut disposable bag, pipe over each wafer in a zigzag motion. When set, position wafers at bottom border and cake topper in center of horseshoe.