Whenever a friend of mine from college comes to visit, we always stay in one night and cook a fabulous meal for ourselves. This was the product of one of our cooking extravaganzas. The sauce is absolutely fabulous, so make sure you have some bread on hand to soak it all up, or serve with mashed potatoes and use it as a gravy.
My mom used to make this when I was growing up. As kids we loved it because of the deep red color throughout the cake, plus it tasted great. She always used raspberry Jell-o, but you can use any flavor you like - just keep in mind the color that will be spead throughout.