Make cake. Prepare batter following recipe directions. Bake and cool cake. Prepare buttercream icing following recipe directions. Stack and fill for a 2-layer cake, 4 in. high. Use spatula and icing to lightly ice cake.
Cover cakes with fondant. Knead 24 oz. of white fondant with a 1 in. ball of red fondant to make pink fondant. Use 20 in. fondant roller with orange guide rings to roll pink fondant 1/8 in. thick. Cover cake with pink fondant. Reserve remaining pink fondant.
Decorate cake. Use 9 in. fondant roller with purple guide rings to roll remaining pink fondant 1/8 in. thick. Use ?L?, ?V? and ?E? cut-outs from set to cut out four of each letter. Use folk fondant mold and red fondant to mold four small hearts. Use damp brush to attach letters and hearts to side of cake.
Roll remaining pink fondant into 75 to 85 balls, each 3/8 in. balls. Use damp brush to attach balls along bottom of cake.
One of the simplest techniques for decorating with fondant is to create cut-outs. Fondant shapes can be applied to lay at on the surface of a treat or dried so that they hold their shape when used as a topper.