This is actually quite easy to do. I am considering teaching a small private class on how to make a topsy turvy cake. I will post on my site the date/time of the class once I have it scheduled. It will be in Oceanside, but very worth the drive ;)
ps - for this cake, I would use pre-colored red and black fondant. It takes so much color to get white fondant red or black that it tastes really yuck and it VERY sticky once you get it the correct color.