HEAT oven to 350°F. Coat 2 (9-inch) round cake pans or a 13 x 9-inch baking pan with no-stick cooking spray.
COMBINE flour, sugar, cocoa powder, baking soda and salt in large bowl. Add oil, buttermilk, eggs and vanilla. Beat 2 minutes on medium speed with mixer. Stir in water until blended. Pour into prepared pans.
BAKE 30 to 35 minutes or until toothpick inserted in center comes out clean. Cool 10 minutes on wire rack. Remove from pans. Cool completely. Frost as desired with coconut frosting. Cover and store at room temperature.
Serving Size (1 slice, 1/10 of recipe), Calories 600 (Calories from Fat 280), Total Fat 32g (Saturated Fat 27g, Trans Fat 0g), Cholesterol 40mg, Sodium 300mg, Total Carbohydrate 79g (Dietary Fiber 3g, Sugars 56g), Protein 5g; Percent Daily Value*: Vitamin A 2%, Vitamin C 0%, Calcium 4%, Iron 10%.
*Percent Daily Values are based on a 2,000 calorie diet.