I found this fabulous frosting recipe over on Not So Humble Pie and I have to share it! I did change the ingredients just slightly:
8 oz. Cream Cheese at room temperature
1 1/4 cup powdered sugar
1 tsp vanilla extract
1 cup heavy cream
Whip together cream cheese, powdered sugar and vanilla extract. In a separate bowl, whip cream until stiff, forming stiff peaks. Gently fold whipped cream into cream cheese mixture. Do not over mix. This frosting is light and delicious! I can't wait to try it on a carrot cake!