1Invert cake on serving platter. Cut 1-inch slice crosswise from top of cake; set aside. With sharp knife, cut around cake 1 inch from center hole and 1 inch from outer edge, leaving cake walls 1-inch thick.
2Remove cake from center, leaving 1-inch thick base on bottom of cake. Tear cake removed from center into bite-size d pieces; reserve.
3In large mixture bowl, beat cream cheese until fluffy. Gradually beat in sweetened condensed milk until smooth. Stir in lemon juice, extract, and food coloring.
4Stir in reserved torn cake pieces and chopped strawberries. Fold in 1 cup whipped topping. Fill cake cavity with strawberry mixture; replace top slice cake.
5Frost with remaining whipped topping. Chill 3 to 4 hours
6Garnish with strawberries if desired. Return leftovers to refrigerator or freeze.