Prepare cake mix according to package directions for 2 ( 9-inch ) round cake pans. Bake according to package directions;let cool 15 minutes.
Using the handle of a wooden spoon, poke about 15 holes randomly into each cake layer.
In a small bowl, dissolve gelatin or jello in bolling water.Slowly pour into holes of both cakes. Put in Fridge for 30 mins.
Place 1 cake layer on serving platter and frost with whip topping ( like cool whip );layer with the peach slices. Place second cake layer on top and frost top and sides with remaining whipped topping. Fridgerate until ready to serve, then garnish with remaining peach slices.