Preheat oven to 350°F. Spray two 8-inch round pans with baking spray.
Blend cake mix, water, eggs, and oil in a large bowl with an electric mixer on low speed until moistened, about 30 seconds. Beat on medium speed for 2 minutes.
Pour batter into pans. Bake 24 to 28 minutes, until toothpick inserted in center comes out clean. Cool on wire rack 15 minutes. Remove from pans and cool completely.
Scoop half the frosting into a medium bowl and set aside. Place one cooled cake layer on a cardboard round. Spread about 1/4-cup frosting on first cake and top with second cake layer. Frost sides of cake with remaining frosting.
Place a wire rack over a rimmed baking sheet. Whisk water into bowl of reserved frosting. Drop about 20 small drops of food coloring into frosting. Use a toothpick to very gently swirl through the frosting and blend the colors just slightly.
In one swift motion, pour all the frosting onto the top center of the cake and let it run down the sides. If it needs a little help moving down the sides, pick up the baking sheet and gently tap it against the counter to help it move. Decorate sides of cake with PEEPS® Marshmallow Bunnies. Slice and serve!
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