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PREHEAT oven to 350°F. Mix cake mix, pudding mix, 1/4 cup of the drink mix, 1 cup water, eggs and oil in large bowl. Beat with electric mixer on low speed 1 minute. Beat on medium speed 4 minutes. Pour into greased and floured 12-cup fluted tube pan.
BAKE 50 to 55 minutes or until toothpick inserted in center comes out clean. Cool in pan 5 minutes; remove from pan. Invert onto serving platter.
DISSOLVE remaining 1/4 cup drink mix in 3 Tbsp. warm water in medium bowl. Stir in powdered sugar with wire whisk until well blended.
PIERCE warm cake at 1-inch intervals with fork or skewer completely through to bottom of cake. Gradually spoon powdered sugar glaze over cake; let stand until glaze is completely absorbed.