You can replace the butter or oil in many cake recipes with applesauce - I've done this with brownies and its pretty darn good. I've never tried replacing the eggs too, but I'm sure you can use egg substitute (like eggbeaters) or egg whites. I think it probably works best with moist cakes. I've done brownies (cocoa powder is fat free), gingerbread and I've been thinking about trying carrot cake.
blech... cool whip COOL WHIP - WHIPPED TOPPING - FREE - FREE
Ingredients: WATER, CORN SYRUP, HYDROGENATED VEGETABLE OIL* (COCONUT AND PALM KERNEL OILS), HIGH FRUCTOSE CORN SYRUP, LESS THAN 2% OF SODIUM CASEINATE (FROM MILK), NATURAL AND ARTIFICIAL FLAVOR, MODIFIED FOOD STARCH, XANTHAN AND GUAR GUMS, POLYSORBATE 60, POLYSORBATE 65, SORBITAN MONOSTEARATE, SODIUM HYDROXIDE, BETA CAROTENE (COLOR).
I'd go for fat free vanilla yogurt first... I've never tried whipping yogurt hmmmmmmmm....



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