Combine first 3 items in a grease free bowl and beat till meringue forms a soft peak. Set aside.
In another mixing bowl combine last 4 ingredients, in mixing bowl and beat till well blended. You can use 1 cup hi-ratio shortening plus 1 cup white margarine or if you don't need a white white icing you can use 1 cup shortening and 1 cup butter. It is important not to use Crisco shortening in this recipe, but you can use most off brand shortenings if you don't have access to hi-ratio shortening. Sweetex is a brand of hi-ratio shortening when looking to buy on the internet. Some bakeries are willing to sell you hi-ratio shortening too.
When the last 4 items are well blended add one half of the meringue mixture the second mixture, mix well and add the remaining meringue to the powdered sugar mixture and blend well. Than mix on medium speed for 10 minutes. DO NOT UNDERMIX! Add vanilla or what ever flavoring you desire at the end.
If it's chocolate icing you want, melt 1 & 1/2 cups semi-sweet chocolate chips and add at the end and mix for another 3 minutes. This is a very light and fluffy icing that will put the finishing touches on any cake.