This classic frosting has a light and fluffy marshmallow-like texture that's cooked over a double boiler for approximately seven minutes.
Pour water to a depth of 1½ inches into a 3½-qt. saucepan over medium-high heat; bring to a boil. Reduce heat to medium, and simmer.
Combine first 3 ingredients in a 3-qt. heatproof bowl; beat at low speed with a handheld electric mixer until blended. Place bowl over simmering water, beating at high speed 7 minutes or until soft peaks form; remove from heat. Add vanilla. Beat to spreading consistency (about 3 to 5 minutes). Use immediately.
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