Preheat oven to 350°F. Prepare cake mix as directed on package. Pour batter evenly (about 1 1/4 cups each) into 3 (9-inch) round cake pans sprayed with no stick cooking spray.
Bake 25 to 29 minutes or until toothpick inserted into centers comes out clean. Cool cakes in pans 10 minutes. Remove from pans; cool completely on wire racks.
For the Frostings, beat butter in large bowl until light and fluffy. Gradually add confectioners' sugar, beating well after each addition and scraping sides and bottom of bowl frequently. Add water; beat until light and fluffy. Divide frosting evenly among 3 bowls.
Tint and flavor each bowl of frosting. For Pink Lemonade Frosting, stir in lemon extract and 7 drops red food color. For Burnt Orange Frosting, stir in orange extract, 36 drops red food color and 30 drops yellow food color. For Piña Colada Frosting, stir in coconut extract, pineapple juice and 30 drops yellow food color.
Place a cake layer on serving platter and spread with Pink Lemonade Frosting. Top with second cake layer and spread with Burnt Orange Frosting. Top with remaining cake layer and spread with Piña Colada Frosting. Do not frost sides.