Preheat oven to 350 and prepare a Bundt Pan by spraying with bakers spray.
In the bowl of a stand mixer (or in a large bowl if you will be using a hand mixer), mix together on low speed the flour, sugar, baking powder and salt.
Add in one ingredient at a time, mixing between the egg whites, milk, butter, extracts and red food coloring. Mix on a low speed until everything is mixed well then turn to high and mix for another minute.
Divide batter into three equal batches (about a cup each). Into one, drop red food coloring and mix until the color red you desire appears - for me, I used about 16 drops of red. Do the same with the blue in a separate batch - again, for me, about 16 drops of blue. Leave the other batch white.
First pour the red batter into the bottom of the Bundt Pan. Gently pour the white on top of the red and then, pour the blue on top of the white. Do not try to smooth them out and don’t worry about if one color doesn’t completely cover the other. It will be fine.
Bake for 30-36 minutes until cake tester or toothpick comes out clean. As SOON as it comes out clean, remove from the oven and allow to rest for 2 minutes before removing from the bundt pan by turning over upside down on a cooling rack. Remove to a wire rack to cool completely. Allow to cool completely before applying the icing.
For the icing
In the bowl of a stand mixer, mix together the butter, cream cheese, powdered sugar, vanilla and almond extract.
Separate the icing into three equal batches (just like with the batter), just like with the batter add red food coloring to one batch, blue to another until your desired color appears.
Microwave each of the colors about 30 secs - 1 minute until the icing is slightly runny. Drizzle the top of the cake with icing using a large spoon. Drizzle back and forth forming the icing in stringy layers across the cake - like a firecracker!