In a large mixing bowl, combine butter or margarine, Crisco and sugar. Mix until it is light and fluffy.
Beat in eggs, one at time, beating just until the yellow disappears. Add flour, 2/3 cup at a time, beating after each addition.
Add cream or milk, nuts and flavorings. Mix until smooth. Pour into a greased and floured 10" tube pan. Bake at 350 degrees for 1 1/2 hours. Cool completely in pan. Remove from pan and place on serving plate.
In top of a double boiler, combine egg whites, sugar and Karo syrup. Beat with mixer for seven minutes, or until it stands in peaks. May need to beat for nine to twelve, for full peaks. Remove from heat and stir in vanilla. Spread over top and sides of cooled cake. DELICIOUS!