First preheat the oven to 350F. Then in a large bowl beat the first 5 ingredients with a mixer on low speed just until moistened. Stop frequently to scrape the bootom & sides of the bowl. Then beat on medium speed for about 2 mins. Pour into a greased & flour 13x9 inch pan.
Next bake for 35 mins or until toothpick comes out clean & cool completely. Then beat the cream cheese & butter with the mixer until fully blended. Slowly beat in the sugar.
Then remove the cake from the pan. Carefully cut the cake in half using a serrated knife. Place 1 half top side down on a plate & spread with cream cheese frosting. Then top with the other half of the cake top side up & frost with remaining frosting. Then press the nuts into the sides & keep refrigerated.