In large bowl, beat cream cheese, butter and vanilla until creamy. Gradually beat in confectioners' sugar.
Makes enough to fill and frost 2-layer cake, a 13x9x2-inch sheet cake or 24 cupcakes.
To make a decorator frosting: Prepare one-half recipe of the above. Beat in 1/4 to 1/2 cup additional confectioners' sugar. Color as desired with food color; use in a decorator tube.
To thin, add a few drops of milk; to thicken, add additional confectioners' sugar.