Grease and flour a tube pan. Preheat oven to 300 degrees. Mix powdered sugar and thawed lemonade and set aside. Mix 3/4 cup hot water and lemon Jello and set aside.
Beat eggs and cooking oil together. Add cake mix; add water and Jello mixture. Bake in 300 degree oven for 1 hour and 10 minutes. Remove from oven. While hot, pour lemonade and powdered sugar mixture over top. Cool before removing from pan, about 30 minutes.