It is whipped icing stabilized with gelatin. Here is 2 recipes from CC to see what they look like...
http://www.cakecentral.com/cake_recipe-2387-2-Stabilized-Whipped-Cream-Icing.html
http://www.cakecentral.com/cake_recipe-1925-1-Stabilized-Whipped-Cream.html
Whipped cream has a tendency to "weep"; that is, the water in the cream starts to seep out leaving a deflated mass of whipped cream and soggy cake.
So you should stabilize it. You can do this with 1 tsp of gelatin softened for a couple of minutes in 4 tsps of cold water, then heat it up in the microwave in 30 second intervals until it is dissolved. Let the gelatin/water combo cool and start the whipping cream in a cold bowl (place bowl and beaters in the freezer for a little while). Once the beaters are making slight marks in the cream add the gelatin in a stream and beat until stiff. You can add a little bit of sugar and vanilla to taste before you start beating the cream if you like.
This should keep the cream stabilized for about 24 hours. It changes the texture a bit but at least you avoid the mess!
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