Place the softened cream cheese and butter in a mixing bowl. Beat them together until smooth.
Add the powdered sugar and vanilla extract. Continue beating until the mixture is creamy and free of lumps.
In a separate bowl, whip the heavy cream until stiff peaks form. Gently fold the whipped cream into the cream cheese mixture to create a light filling.
Stir the raspberry preserves and water together in a small bowl until the sauce reaches a pourable consistency.
Set out four clear cups. Add a layer of red velvet cake cubes to the bottom of each cup.
Spoon a layer of the cream filling over the cake. Drizzle some raspberry sauce on top.
Repeat the layers once more, ending with a final drizzle of raspberry sauce.
Top each cup with two fresh raspberries. Chill the cups for at least 30 minutes before serving.