Special equipment: 10-inch bundt pan
Mix cereal, sugar and cinnamon. Divide equally between 2 pie plates or other shallow containers. Beat eggs with water in another pie plate or shallow bowl. Cut pound cake into bite-sized square pieces. Press each square in cereal mixture and press coating into cake. Dip coated square in egg wash, then roll in second container of cereal mixture. Again press coating onto cake.
Freeze coated cake squares on a waxed paper lined baking sheet until solid, 4 to 6 hours. Deep-fry frozen coated cake squares for 45 seconds. Sprinkle with powdered sugar and drizzle with chocolate syrup.
Serve with whipped cream and a cherry.
Preheat oven to 325 degrees F.
Grease and flour a 10-inch bundt pan. Sift together flour, baking soda, baking powder, salt, and cocoa and set aside. Using an electric mixer, cream together butter, shortening, and sugar until fluffy. Add eggs, 1 at a time, and mix well after each addition.
Add flour and buttermilk alternately to butter mixture, beginning and ending with flour. Add vanilla and mix well. Pour batter into prepared pan. Bake for 1 hour and 45 minutes or until cake is done.
Remove from oven and allow cake to cool in pan for 10 minutes. Invert onto cake plate and serve.