In large bowl, beat cake mix, water, oil and eggs with electric mixer on low speed 30 seconds, then on medium speed 2 minutes, scraping bowl occasionally. Pour into pans. Bake as directed on box for 8- or 9-inch rounds. Cool 10 minutes. Remove from pans to cooling racks. Cool completely, about 30 minutes. Refrigerate or freeze cake 30 to 60 minutes or until firm.