Heat oven to 350°F (325°F for dark or nonstick pan). In 13x9-inch pan, melt butter in oven. Remove from oven; sprinkle brown sugar evenly over butter. Place peach halves on paper towels to absorb liquid; pat dry. Place maraschino cherry in center of each peach half; place cut side down on brown sugar (cherries will be on bottom). Spoon pineapple around peaches.
Add enough water to reserved pineapple juice to measure 3/4 cup. In large bowl, beat cake mix, juice mixture, oil and eggs with electric mixer on low speed 30 seconds, then on medium speed 2 minutes, scraping bowl occasionally. Pour batter over peaches and pineapple; spread as evenly as possible.
Bake 45 to 53 minutes or until toothpick inserted in center of cake comes out clean and top is deep golden brown. Immediately run knife around side of pan to loosen cake. Place heatproof serving plate upside down on pan; turn pan and plate over. Leave pan over cake 1 minute so topping can drizzle over cake. Cool 30 minutes. Serve warm or cool. Store covered in refrigerator.