Move oven rack to lowest position (remove other racks). Heat oven to 350°F. In extra-large glass or metal bowl, beat cake mix, cold water and extract with electric mixer on low speed 30 seconds. Beat on medium speed 1 minute. Carefully fold in cherries. Pour into ungreased 10-inch angel food (tube) cake pan.
Bake 37 to 47 minutes or until top is dark golden brown and cracks feel very dry and not sticky. Do not underbake. Immediately turn pan upside down onto glass bottle, or rest edges on 2 to 4 cans of equal height until cake is completely cooled, about 2 hours. Run knife around edge of cake; remove from pan.
In medium bowl, mix butter, powdered sugar and enough cherry juice for desired spreading consistency. Spread glaze over top of cake, allowing some to drizzle down side. Garnish with whole cherries, if desired.
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