1 box (16 oz.) angel food cake mix
1 1/4 cups cold water
1/2 teaspoon red paste food color
1 teaspoon peppermint extract
3/4 cup powdered sugar
1 to 2 tablespoons milk
1/2 cup finely crushed soft peppermint candies
1 Move oven rack to lowest position (remove other racks). Heat oven to 350°F. In extra-large glass or metal bowl, beat cake mix and cold water with electric mixer on low speed 30 seconds. Beat on medium speed 1 minute.
2 Pour about 3 cups batter into ungreased 10-inch angel food (tube) cake pan. Into a small bowl, pour about 3/4 cup batter; stir in food color and peppermint extract until blended. Carefully spoon red batter over white batter in pan. Carefully spoon remaining white batter over red batter and swirl with a knife.
3 Bake 40 minutes or until top springs back when lightly touched. Immediately turn pan upside down onto heatproof funnel or bottle. Cool completely, about 2 hours. Loosen cake by running a long metal spatula along the edge of the pan. Place serving plate upside down on the pan. Turn plate and pan over; remove pan.
4 In a small bowl, mix powdered sugar and 1 tablespoon milk; stir in enough remaining milk, 1 teaspoon at a time, until thin enough to drizzle. Drizzle over cake; top with crushed candies.