Preheat your oven to 350°F (180°C) and thoroughly grease a 12-cup bundt pan, ensuring every nook is coated to prevent sticking. In a large mixing bowl, combine the flour, sugar, cocoa powder, baking powder, baking soda, and salt. Whisk these dry ingredients together until well mixed and set aside.

In a separate bowl, blend the wet ingredients: buttermilk, eggs, melted butter, vegetable oil, vinegar, vanilla extract, and red food coloring. Whisk until you achieve a smooth, vibrant mixture. Gradually add the wet mixture to the dry ingredients, stirring gently until just combined. Avoid overmixing to maintain a tender crumb.

Pour the batter into the prepared bundt pan, spreading it evenly. Bake for 40 to 50 minutes, or until a toothpick or cake tester inserted into the center comes out clean. Once baked, remove the cake from the oven and allow it to cool in the pan for about 10 minutes. Carefully turn the cake out onto a cooling rack and let it cool completely. Remove a small amount of cake from the bottom side, crumble it into fine pieces, and reserve these crumbs for decoration later.

In a medium-sized bowl, cream together the softened cream cheese and butter until smooth and creamy. Gradually add the powdered sugar, mixing in half a cup at a time, until the frosting is thick and well combined. Stir in the vanilla extract and slowly add hot water, one tablespoon at a time, until the frosting reaches your desired consistency—thick and luscious, perfect for drizzling.

Generously spoon or drizzle the frosting over the cooled cake, letting it cascade down the sides. Finish with a sprinkle of reserved cake crumbs on top, adding a decorative touch and extra texture. Serve and enjoy the rich, velvety delight of this stunning red velvet pound cake!