Preheat oven to 350. Grease and flour a 9x13 baking pan. Set aside. Position rack in the bottom 1/3 of the oven
In a large bowl beat the egg whites on medium until soft peaks form.
Reduce to low and gradually add the sugar, beating until stiff peaks form
Add the egg yokes one at a time, beating well after each. In a bowl sift together the 2 cups of flour and baking powder
Add the flour mixture to the batter in stages alternating with the whole milk, beginning and ending with the flour. (Do this quickly so the batter does not lose it's volume.) Add 1 teaspoon of vanilla extract.
Pour the batter into the prepared pan and place in the oven. Bake for 25-30 minutes until a toothpick placed in the center comes out clean.
Remove the cake from the oven and place on a wire rack to cool for 10 minutes
In a blender combined the evaporated and condensed milks and 2 cups of the whipping cream. Cover and beat on high for 45 seconds
Remove 1 1/2 cups of the milk mixture, cover and refrigerate until ready to serve the cake
Pour half of the remaining milk mixture over the warm cake. When the cake has soaked up most of the liquid, pour the remaining half of the milk mixture over the cake and cool to room temperature
Cover and refrigerate until well chilled at least 4 hours or over night
When ready to serve, beat the remaining cup of whipping cream until soft peaks form. Add the confectioners' sugar and remaining 1/4 teaspoon of vanilla. Beat until stiff peaks form.
Spread the whipped cream over chilled cake. Serve with reserved chilled milk sauce.