PREHEAT oven to 350°F. Place cake mix, dry jelly powder, eggs, sour cream, oil and 1/2 cup water in large bowl. Beat with electric mixer on low speed just until moistened, stopping frequently to scrape side of bowl. Beat on medium speed 2 min. Spoon into greased and floured 12-cup fluted tube pan or 10-cup tube pan.
BAKE 45 to 50 min. or until toothpick inserted near centre comes out clean. Cool 10 min.; loosen cake from side of pan with spatula or knife. Gently remove cake from pan; cool on wire rack.
COMBINE drink mix, 4 tsp. water and lime peel in medium bowl. Add powdered sugar; stir with wire whisk until well blended. Spoon over top of cake, allowing glaze to drip down side of cake. Let stand until set.