Move oven rack to lowest position. Preheat oven to 350 degrees F. Pour cake mix into clean, large mixing bowl.
Add water. Prepare and bake according to package directions in ungreased 10-inch tube pan. Cool completely.
Preheat outdoor grill to medium heat, or follow alternative indoor instructions below. Clean and lightly oil grate. Sprinkle cut side of fruit with cinnamon-sugar. When ready to serve, place fruit, cut side down, on grill. Use grill pan or aluminum foil to collect syrup run-off from peaches. Cook about 2 to 3 minutes or until warm and nicely charred with grill marks. Set aside and keep warm.
Place slices of angel food cake on clean grill using a metal spatula. Watch carefully and cook about 45 to 60 seconds on EACH side or until golden brown grill marks appear.
Slice peaches and serve over warm, toasted angel food cake.
Garnish: Drizzle syrup run-off from grilled peaches over angel food cake and peaches.
Angel food cake may be toasted indoors using a nonstick skillet or grill pan. Preheat pan over medium heat, then add slices of cake. Cook until golden brown on each side (about 1 minute on each side). An alternative for the cinnamon sugar is to lightly brush the cut-side of fruit with melted butter then sprinkle lightly with brown sugar. Cook as described above. Serve fruit with a wedge of lime, if desired. Ripe nectarines, plums and apricots are also delicious when grilled and may be used in place of peaches. To roast the fruit indoors, place fruit, cut-side-up, on a baking sheet sprayed with cooking spray. Season as above. Bake about 15 to 20 minutes in preheated 450-degree oven stirring once. Serve as above. No time to cook fruit? Simply serve toasted angel food cake with a blend of sliced fresh strawberries, blueberries and raspberries. Or, for a contemporary twist, slice 1 pound of fresh strawberries and toss with 1 tablespoon brown sugar and 2 teaspoons of good quality balsamic vinegar.