Spray the bottom and sides of a 9 inch diameter pan with 3 inch sides with vegetable cooking spray and set aside.
Preheat oven to 350 degrees.
Sift together flour, baking powder, and salt; set aside.
Combine eggs and sugar in the bowl of a stand mixer and beat on high speed until doubled in volume, about 5 minutes. Reduce speed to low; add the water and 1 teaspoon of the vanilla. Mix well.
On very low speed or by hand using a long spatula, gently fold dry ingredients into the batter.
Pour batter into prepared pan and bake for 35-40 minutes or until the cake is firm on top and has pulled away from the sides of the pan.
Remove from oven and place pan on a rack to cool for 10-15 minutes.
Turn the cake out on a serving platter, place a cake polate over the cake and turn it right side up. Set aside to continue cooling.
While cake is cooling, whisk together the sweetened condensed milk, the evaporated milk, 2 teaspoons vanilla, 1 cup cream and set aside. Using a serrated knife, gently slice off the top skin of the cake and discard. Prick the cake all over with a long toothpick (To allow the cake to soak up the liquid.).
Pour milk mixture over the cake in several batches, allowing it to soak in as much as possible each time. Refrigerate.
When ready to serve, pour the remaining 2 cups cream into a chilled bowl and beat with chilled beaters until stiff peaks form. Pipe or spread the whipped cream on the top and sides of the cake.