1Heat oven to 350°F. Place cones upright in medium muffin cups, 2 1/2x1 1/4 inches, or rectangular pan, 13x9x2 inches. Mix flour, sugar, malted milk powder, cocoa, baking soda and salt in medium bowl. Beat oil, vinegar and vanilla with wire whisk. Stir oil mixture and water into flour mixture about 1 minute or until well mixed. Pour batter into cones, filling each to within about 1 inch of top.
2Bake about 30 minutes or until toothpick inserted in center of cake comes out clean. Remove cones from muffin cups to wire rack; cool completely.
3Top each cake with a small scoop of ice cream; freeze until ready to serve but no longer than 1 hour. Just before serving, cut straws in half and insert into ice cream. Garnish each with a dollop of whipped topping; top with cherry.