1 (29 ounce) can sliced peaches, drained, juice reserved
1 large box peach flavored gelatin
1 (18.5 ounce) box yellow cake mix
1/2 cup butter
1/2 cup water

Preheat oven to 350 degrees F (175 degrees C).

Place peaches in bottom of 9 x 13-inch cake pan. Sprinkle dry peach gelatin over peaches. Sprinkle dry cake mix over gelatin. Cut up butter and distribute over cake mix. Pour 1 cup of reserved peach juice and 1/2 cup of water over the top. Bake for 60 minutes, or until the top is browned.