Note on frosting: This frosting is enough for the top and middle of a 9-inch cake. If you want more frosting for the sides, then double the recipe.
Combine sugar, egg whites, corn syrup, and water in the top layer of a double boiler.
Mix ingredients for a minute with a hand mixer.
Set up the bottom of a double boiler and on the stovetop, bring the water to a simmer.
Set the top of the double boiler in the bottom portion (the water should not touch the bottom of the pot).
Using a hand mixer, blend the sugar mixture continuously on high until the frosting is spreadable and stiff peaks form. This will take 7-10 minutes, allowing the eggs in the frosting to "cook". The temperature of the frosting should reach 160 degrees for safe egg consumption.
Add the peppermint extract, vanilla extract, and 2 drops of red food coloring.
Use to frost the cake immediately.
Store the cake in the fridge.