Preheat oven to 325 degrees.
Spray a spring form with Pam non-stick spray. Cut a circle of parchment paper to line the bottom and then spray the parchment with a bit more non-stick spray and then wrap the bottom half of the pan with two layers of heavy duty tin foil. Set aside.
Bring a kettle of water to boil and then remove from heat
In the bowl of electric mixer beat cream cheese until light and fluffy, scraping the sides of bowl as required
Add lemon juice and beat to combine
Add the eggs, one at a time, making sure each egg is well incorporated before adding the next and scraping down the sides of the bowl in between each addition.
Add sour cream and beat well until combined and batter is smooth.
Transfer batter to prepared spring form pan and place the pan in a large roasting pan.
Pour the hot water from the kettle into the roasting pan until it comes about half way up the sides of the springform pan.
Carefully place in the oven and bake for approximately 60 minutes, or until just set in the centre.
Turn off oven, open the door and leave the cake to rest in the oven for 30 minutes before removing it from the roasting pan and onto a cooling rack. Run a knife around the edges and allow to cool completely and then run the knife around one more time before releasing and removing springform.
Carefully place a flat plate onto the cheesecake and flip it over so that the cake is now on the plate. Remove the parchment paper and wrap in plastic before placing in the freezer.
Prepare red velvet cake according to package directions in 2 8" round baking pans and allow to cool completely. Level the layers with a serrated knife.
Prepare frosting by combining cream cheese, butter and vanilla in the bowl of electric mixer, beating for about 2 minutes on high until light and fluffy. Add confectioners' sugar and beat on low until combined and then increase speed to medium/high and beat for about 3 minutes.