Beat first 4 ingredients at medium speed with an electric mixer 2 minutes. Spoon batter into 3 greased and floured 8-inch round cakepans.
Bake at 350° for 18 minutes or until a wooden pick inserted in center comes out clean. Cool in pans on wire racks 10 minutes. Remove from pans, and cool completely on wire racks.
Spread jam between layers.
Microwave whipping cream at HIGH 1 minute; add chocolate morsels, stirring until melted. Pour mixture over top of cake, using a spatula to spread dripping mixture around sides of cake. Garnish, if desired.