Preheat oven to 350°F. Line a cupcake tin with liners and set aside.
In the bowl of a stand mixer fitted with a paddle attachment, cream together the butter, shortening, and sugar on medium-high speed for 3-4 minutes.
¼ cup unsalted butter, ¼ cup vegetable shortening, ⅔ cup granulated sugar
Add in the egg whites, lime juice, and milk and beat together.
3 egg whites, ¼ cup key lime juice, 5 tablespoons milk
In a separate medium-sized bowl, whisk together the flour, baking powder, salt, and baking soda.
1⅔ cups flour, 1½ teaspoons baking powder, 1 teaspoon kosher salt, ¼ teaspoon baking soda
Add the flour mixture into the wet mixture and stir just until the flour is incorporated. Add in the lime zest and stir.
Fill the cupcake liners ¾ full of batter.
Bake for 18 minutes or until a toothpick inserted comes out clean or with moist crumbs. Once baked, remove from the oven and place onto a cooling rack to cool to room temperature.
Make the vanilla pudding according to the box directions. Once the pudding has set, spoon into a piping bag and cut the tip off to make a roughly a dime-sized opening. Set aside.
3.4 ounces instant vanilla pudding, 2 cups milk
To make the buttercream, place all of the ingredients into the bowl of a stand mixer fitted with a paddle attachment and beat on medium-high speed for 4-5 minutes or until a creamy buttercream has formed. Fill a piping bag fitted with a star tip ¾ full with frosting and set aside.
1 cup unsalted butter, ¼ cup vegetable shortening, 4½ cups powdered sugar, 2 teaspoons key lime juice, 2 teaspoons lime zest
Once the cupcakes have cooled, use a piping tip to hollow out the center of each cupcake. Press the large end of the piping tip down into the cupcake until the small end sits almost flush with the top of the cupcake. Wiggle the piping tip around and remove it from the cupcake. Run a toothpick around the inside of the piping tip to remove the cupcake piece and place into a bowl to use later.
Once all of the cupcakes are hollowed out, pipe the vanilla pudding into the holes in the cupcakes. Replace the piece of cupcake that was removed and press down to keep the pudding in place.
Pipe the buttercream onto the top of the cupcakes into the shape that you desire. Either roll the cupcake in the crushed vanilla wafers or, using your hands, scoop crushed vanilla wafers and press into the sides of the buttercream on the cupcake. Top each cupcake with a lime slice.
¼ cup crushed vanilla wafers, 12 lime slices