Sorry if these are dumb questions...

1. Is it ok to leave a cake that is decorated with an icing made from
butter and cream cheese, powdered sugar and water (or milk) out on the
counter overnight, or should it be refridgerated? If I need to keep it
in the fridge, will the colors of different icing run or bleed into
each other? Any precautions to take?

2. My Spice Islands brand "pure vanilla extract" looks cloudy. I
tasted it and mainly taste alcohol - should I just toss it and start
anew? Is there a way to use real vanilla bean to flavor the icing
(above)?

TIA,
-L.