I never cared for the cream cheese icing that is often used for red velvet cake. I use the 7-minute frosting (look up online) or another cooked frosting:
Bring 1 cup milk, 3 tablespoons flour and a pinch of salt to a boil, stirring contantly (the flour will stick to the pan if you are not careful) until the mixture is thick. Let this cool completely.
Cream 1 cup butter or margarine (butter tastes better, but margarine is more spread-able - I use a stick of each) and 1 cup of sugar. Add the flour/milk mixture, a little at a time. You need to beat this a good 4-5 minutes. Add a teaspoon of real vanilla and beat another minute. Spread on the cake and enjoy!