Fuzzy Navel Cake

1 (15 oz) can sliced peaches, liquid reserved
1/2 cup peach schnapps
1/4 cup orange juice
1 pkg. Delux yellow cake mix
4 eggs
2/3 cup oil OR applesauce
1 cup chopped peaches (from marinade)
1/3 cup marinade
1 cup chopped nuts (optional)

1. Combine peaches with their juice, peach schnapps, and orange juice in a covered glass dish. 

Let marinate for 24 hours.

2. In large mixing bowl, combine cake mix, eggs, oil or applesauce, peaches, 1/3 cup marinade, and nuts, if desired.

Mix well. Place in a well greased/floured Bundt or tube pan. Bake in a preheated 350 degree oven for 40 minutes. 

Glaze with the following after removing from pan.

Glaze
1/4 cup liquid from marinade
1 1/2 cups confectioner's sugar

1. Blend well to form a glaze. Drizzle over the cake after it has cooled.