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1.
1) a situation that is so involved and interwoven which is basically impossible to be fully extricated
2) Something which is so obvious or basically impossible to avoid
3) already reflected in a stock's market price by the expected information such as projected earning or unconfirmed news report
A serious global recession is baked in the cake
The dilemma of long-lasting unemployment rate is baked in the cake
The interest hike at the Fed's next meeting is baked in the cake
by vanderpol September 05, 2010
 
2.
When a woman has sexual intercourse with a man, she is being baked in the cake. Used often as a derogatory statement by lesbians or gays to describe this act.
Careful girls don't be late some of us already getting baked in the cake!
-Sarah "Jessica" Parker in the broadway musical Sex and the City
by Kittridge August 22, 2008