In a large bowl, mix together cake mix, 12oz Cherry Coke, and eggs until blended with no lumps. Pour into a greased 9x13" pan.
Drain the cherries; set juice aside.
In another bowl, mix together 1/4 cup cherry juice, 1 jar of frosting, and half of the gelatin mix. Spoon frosting mixture in dollops on top of the cake mixture.
Cut cherries in half and drop evenly into the cake mixture.
Sprinkle white chocolate chips on top of cake mixture.
With a butter knife, gently swirl together all of the elements of the cake mixture. Don't completely mix; there should be distinct parts of the cake still visible. Make sure to swirl all the way to the sides of the dish.
Bake at 350 degrees for 30-40 minutes, until center is set and no longer jiggly. Cool for 15-20 minutes before frosting.
Mix together the remaining jar of frosting, the remaining gelatin mix, and 1/2 cup of Cherry Coke. Pour over cooled cake and allow to set for 5-10 minutes (the frosting will settle into the nooks and crannies of the cake as it sets).