In a large bowl, combine the cake and pudding mixes, eggs, water and oil. Beat on low speed until moistened. Beat on medium speed for 2 minutes. Pour into a greased and floured 10-in. fluted tube pan. Bake at 350° for 50-60 minutes or until a toothpick inserted in the center comes out clean. Cool for 10 minutes before removing from pan to a wire rack to cool completely.
In a microwave-safe bowl, microwave frosting on high for 10-15 seconds or until thin. Drizzle over cooled cake.