Slice pound cake to thickness of cookie cutters avoiding the darker edges of the cake. Cut shapes, set 2 inches apart on wire racks with wax paper below to catch drips.
Microwave pink frosting for approx. 45 seconds, stir. Frosting should be thin. Microwave an additional 15 sec. if necessary. Spoon frosting over half the cakes covering tops and sides. Let frosting set for 30 minutes. Scrape drips from wax paper and reuse.
Repeat process with white frosting on remaining half of cakes.
Re-microwave frosting for approx. 30 seconds, stir. Make sure the frosting is thin. Microwave 15 sec. longer if necessary. Pour second layer of frosting on cakes.
Decorating: If using sprinkles, apply right away before frosting sets. Pipe frosting into words or patterns, use candy hearts or colored sugar. Have fun and let the creative juices flow.