Well, Publix and Kroger don't make a pegasus rainbow cake, so I did the next best thing and googled it. Actually, I googled unicorn rainbow cake, figuring unicorns are more prevalent. The first result, entitled "Rainbown Cakes and Unicorns," from A Merrier World, was just what I was looking for.
The blog's recipe was a bit too involved for my taste - it called for baking the cake from scratch and using some sort of fancy fondant paste dyes. So I simply whipped up a boxed yellow cake mix, separated the mix into four bowls, and dyed each bowl a different color using neon color food dye found at Publix. I then poured each bowl into a cake round, one on top of the other, resulting in the picture below. Then I baked according to the box's directions.
Once out of the oven, I frosted the cake and decorated with Disney Princess sprinkles and a Pegasus centerpiece we bought at Toys r Us. You can tell from the picture below that it was a big hit.
And while the cake went too fast for me to take pictures of after it was cut into, it came out quite similarly to A Merrier World's photo:
Photo courtesy of A Merrier World
My only regret is that I split up the batter in order to make a two-layer cake. I should have stuck with one layer so that the layers of color would have been thicker.