Preheat oven to 350 ºF. Grease and flour two 9-inch round cake pans.
Prepare, bake and cool cake as directed on package.
Fold maraschino cherries into whipped topping.
To assemble, place one cake layer on serving plate. Spread whipped topping mixture. Top with second layer. Frost sides and top with frosting. Refrigerate until ready to serve.