The evolution of a Raman coupled three-level Λ atom with two quantized cavity modes is studied in the large detuning case; i.e. when the upper atomic level can be adiabatically eliminated. Particularly the situation when the two modes are prepared in initial coherent or squeezed states, with a large average number of photons, is investigated. It is found that the atom, after specific interaction times, disentangles from the two modes, leaving them, in certain cases, in entangled Schrödinger cat states. These disentanglement times can be controlled by adjusting the ratio between average numbers of photons in the two modes. It is also shown how this effective model may be used for implementing quantum information processing. Especially it is demonstrated how to generate various entangled states, such as EPR-and GHZ-states, and quantum logic operations, such as the control-not and the phase-gate.