I am making my Husband a Red Velvet cake for his Birthday party I'm throwing him this weekend. I have never covered a red Velvet cake and cream cheese frosting with fondant before..I always just use buttercream under my fondant.
My question is can this be done..since Cream cheese frosting must be refridgerated...but Fondant should not be refridgerated?

Yes, you'll be fine. Your best bet is to use commercial fondant (SatinIce) or if you are making it, I highly recommend Michele Foster's Fondant recipe here on CC which refrigerates beautifully. You can refrigerate plain old MMF but sweating CAN be an issue. Many people swear by it (just allow time for the condensation to evaporate) but I don't care for the slimy shine it gave my fondant. If you don't want to go the hassle of making Michele Foster's (it's not hard at ALL but still a few more steps than MMF)...then look up the fondant recipe by MacsMom - she says she refrigerates it all the time. I haven't tried her variation yet but if you've seen her cakes, you'd understand that she seriously knows what she is talking about!

The final option is to go to earlenescakes.com (or is it earlenes.com?) and check out her cream cheese icing recipe, which she claims is shelf stable for a week!

Hope these tips help!

Thank you SO much!!!

Traditional cream cheese frosting is very "thin" (for lack of a better word) than a buttercream based cream cheese. Your fondant wants to do a lot of sliding (personal experience.) For that reason, I use Earlene's as well. It is yum-o and holds up beautifully. It does not scream "cream cheese" but has the underlying flavor. Note: Earlene speaks of "butavan" as a flavoring. It is not mandatory. I use McCormic Brand French Vanilla flavoring in this particular recipe.

Earlene's website and recipe link:
http://www.earlenescakes.com/icings.htm