I have used this recipe as both a frosting and a filling in cakes. I have kept it in the refrigerator for up to a week, rebeating it before I used it. I've never tried freezing it, but I don't see why you couldn't. I'm going to have to try freezing it, because there are times when it sure would come in handy to have it already made.
* Exported from MasterCook *

Continental Frosting

Recipe By : K.C. Star
Serving Size : Preparation Time :
Categories : Frostings And Fillings

Amount Measure Ingredient -- Preparation Method
-------- ------------ --------------------------------
1 1/2 cups milk
9 tablespoons all-purpose flour
1 1/2 cups butter -- softened
2 cups confectioner's sugar
1/4 cup cocoa (add up to 1/2 cup to taste)
1 1/2 teaspoons vanilla extract

Whisk together milk and flour in a heavy saucepan until smooth. Bring to boil over medium heat and boil 1 minute, stirring constantly (mixture will be stiff). Remove from heat and cool.

In a large mixing bowl, beat together butter, sugar, cocoa and vanilla until fluffy. Beat in cooled milk-and-flour mixture. Continue beating on highest speed 2 or more minutes, until frosting is smooth and fluffy. Frost cake.

Makes frosting for 1 (3-layer) cake.

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NOTES : This reminds me of the frosting that goes on the American Beauty cake---only this one is chocolate!!!