Preheat oven to 350°F (175°C). Grease and line two 9-inch round cake pans.
In a large bowl, whisk together flour, sugar, cocoa, baking powder, baking soda, and salt.
Add eggs, milk, oil, and vanilla extract. Mix until combined. Stir in hot water last; the batter will be thin.
Divide batter evenly into pans and bake for 30–35 minutes, or until a toothpick comes out clean. Let cakes cool completely.
For the frosting: beat butter until fluffy. Add powdered sugar gradually, then heavy cream and vanilla extract. Fold in crushed Oreos.
Place one cake layer on a serving plate, spread frosting evenly, then add the second layer. Frost the outside of the cake.
Decorate with whole Oreos on top and sprinkle extra crumbs around the sides. Chill 30 minutes before slicing.