In a mixing bowl, combine salad dressing, water and vanilla. Combine the flour, sugar, cocoa, baking soda and salt. Add to salad dressing mixture and beat until mixed. Transfer to a Pam sprayed 10 inch fluted tube pan (pan will not be full). Bake at 350 degrees for 35-40 minutes or until a toothpick inserted near the center comes out clean. Cool for 10 minutes; remove from pan and dust with powdered sugar when cooled.
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