HEAT oven to 350°F. Coat bottoms of two 8-inch round pans lightly with no-stick cooking spray.
BLEND cake mix, oil, eggs and 3/4 cup strawberry preserves in large bowl with an electric mixer on low speed 1 minute. Divide batter evenly between prepared pans. Bake 30 to 34 minutes or until a toothpick inserted in the center comes out clean. Cool 10 minutes in pans.
COMBINE frosting and whipped topping in medium bowl with an electric mixer. Place one layer top side down on serving plate. Spread with remaining 1 cup strawberry preserves. Add second layer, top side up. Frost sides of cake, then top of cake, swirling frosting. Decorate with fresh strawberries.
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