First of all, this takes more than seven minutes. If you're in a hurry, make buttercream. However, this is an amazingly fluffy alternative, plus it's fat-free! Though it's loaded with sugar and goes on cake, so I wouldn't make any health claims.
This frosting is wonderfully fluffy, with a kind of marshmallow-y or meringue-y texture. Plus, it's pink! (It would be pinker if I'd used redder jam... next time I'm using Smuckers instead of Polaner.)
Straight out of How to Cook Everything. This makes enough to frost and fill a two layer cake, or frost two dozen cupcakes.
1 c. plus 2 T sugar
2 egg whites (save the yolks if you're making a cake)
1/4. seedless raspberry jam
1/2 t vanilla extract
1. Put all ingredients in the top of a double boiler; bring a couple of inches of water to boil in the pot.
2. Beat together ingredients, then put bowl into pot. Continue beating on high speed until it's fluffy (about seven minutes). Remove from the heat and continue beating until frosting is cooled and holds stiff peaks. Use immediately.