Preheat oven to 350 degrees F. Grease and flour 10-inch Bundt or tube pan.
For cake, combine cake mix, pudding mix, eggs, oil, 3/4 cup water and 1/4 cup Key lime juice in large bowl. Beat at low speed with electric mixer until moistened. Beat at medium speed 2 minutes.
Bake 50 to 60 minutes or until toothpick inserted in centre comes out clean. Cool in pan 25 minutes. Remove cake from pan onto cooling rack. Return cake to pan. Poke holes in top of warm cake with toothpick or long-tined fork.
For glaze, combine 2 cups icing sugar, 1/3 cup Key lime juice, 2 tablespoons water and melted butter in medium bowl. Pour slowly over top of warm cake. Cool completely. Invert onto serving plate. Dust with additional icing sugar. Garnish with lime slices and strawberry slices, if desired.
