Preheat oven to 350 degrees F.
Grease and flour a 9-10 cup bundt cake pan and set aside.
In a large bowl with an electric mixer, whip together the butter, cream cheese and sugar until light and fluffy, or about 3-5 minutes.
Slowly add the eggs, mixing after each addition and scraping down the sides as necessary to make the mixture smooth. Add the flour and mix on low speed until almost completely combined. Finally, add the milk, salt, key lime zest, vanilla extract, and lime extract. Mix and transfer to the prepared pan.
Bake in the preheated oven for about 1 hour and 20 minutes, or until a toothpick inserted into the center comes out clean.
Once finished, remove the cake from the oven and let cool for 5-10 minutes. Put a plate or serving dish on the top of the bundt cake pan and flip the cake onto the serving plate to cool completely.
In the meantime, make the key lime glaze by whisking together the powdered sugar, key lime juice, lime extract and vanilla extract in a large bowl. Add more lime juice if necessary to reach your desired consistency.
Drizzle the glaze over the pound cake and let it set up before slicing to serve with a dollop of whipped cream, fresh raspberries or a scoop of ice cream. Enjoy!