Preheat oven to 350 F.
Grease and flour 3 8-inch cake pans.
Measure all ingredients except walnuts and raisins into large mixing bowl.
Combine on low speed for 1 minute.
Beat at medium speed for 3 minutes, being sure to scrape sides of bowl as you mix.
Fold in walnuts and raisins. Distribute as evenly as possible in 3 prepared cake pans.
Bake first two layers together, for about 25 minutes, just until center springs back when touched lightly with finger.
Then bake third layer by itself. After 10 minutes, remove layers from pan and allow to cool on plate with potholder underneath.
When completely cool, frost in between and on top of cake, using cream cheese frosting recipe below. Place halves or pieces of walnuts along edge of cake to form a circle.
For the center, you can make an A with raisins if desired.
This is a moist, delicious cake and the raisins really do enhance its flavor. If you have leftovers after 2 days, I recommend refrigerating it, where it will last well for at least a week.