Preheat oven to 350 degrees. Spray an angel food tube pan or bundt cake pan with non-stick cooking spray.
Place all cake ingredients in a large bowl. With an electric hand mixer, start beating on low to combine ingredients. When dry ingredients are moistened, increase mixer speed to medium and beat for 2 minutes, scraping down the sides of the bowl several times.
Pour cake mix into prepared pan. Bake for 40 to 45 minutes, or until a toothpick inserted into cake comes out clean.
Let cake sit for 20 minutes, remove from pan and cool completely on a wire rack.
While cake cools mix powdered sugar and 3 tablespoons of Margarita Mix, adding more Margarita Mix if necessary to achieve a smooth consistency.
Using a wooden or metal skewer, poke 20 - 30 holes in the top of the cake. Pour glaze over the top of the cake, allowing it to drip down the sides of the cake.