Roughly chop pitted cherries and place into a large bowl. Pour rum over the cherries, cover and set aside. Let the fruit soak for 1 hour or overnight. Drain rum and cherry juice and pour into dispenser bottle

Preheat oven to 350F. Butter and flour 2, 8-inch cake pans; set aside. Place butter, sugar, eggs and vanilla into mixer bowl and whisk until light and fluffy. Sift together flour, cocoa powder, salt and baking powder. Add to creamed mixture, alternating with milk, just enough to combine.

Divide batter evenly between the two prepared cake pans. Bake in preheated oven for 30 to 35 minutes until done; check center with a toothpick. Remove from oven and turn cakes over onto cooling racks. When cakes are completely cooled, use a long knife to cut layers in half.

To prepare frosting: Place egg whites into mixer bowl. Place sugar and water into a small saucepan. Heat over medium heat until syrup reaches 240F. When syrup is almost ready, begin whisking egg whites until soft peaks form. Pour sugar syrup in a thin stream into the egg whites, whisking on high speed. Continue whisking until meringue forms stiff peaks, about 5 minutes.

Begin adding butter in small portions and continue whisking. Frosting will separate, continue whisking until uniform and fluffy.

To assemble cake, first soak chocolate cake layers with reserved rum and cherry juice, then top with frosting and cherries. Frost outside of cake and garnish with chocolate and/or cherries.