Heat oven to 350 degrees.
Place paper baking cups in each of 24 regular size muffin cups.
In large bowl, beat cupcake ingredients with electric mixer according to box directions.
Divide batter evenly among muffin cups, filling each about 2/3 full. Bake 19-24 minutes or until toothpick inserted in center comes out clean.
Cool in pan 10 minutes. Remove from pan to cooling rack. With toothpick or wooden skewer, pierce tops of cupcakes in several places.
In a small bowl, mix glaze ingredients until smooth and thin enough to drizzle. Drizzle and spread glaze over cupcakes.
Cool completely, about 30 minutes.
In large bowl, beat cream cheese and butter on medium speed until light and fluffy. On low speed, beat in vanilla and 3-1/2 c. powdered sugar until mixed; beat on medium speed until fluffy.
Frost cupcakes, mounding and swirling frosting in center. Garnish with lime peel.
Store covered in refrigerator.