Preheat oven to 350°F. Place cones in a 12-cup muffin pan.
Set aside 12 of the cherries to be placed on top. Chop remaining cherries and combine with jam in a small bowl. Set aside.
In a large bowl, whisk egg whites and oil until frothy, about 2 minutes. Stir in cake mix and 1 ¼ c hot water.
Fill each cone with 1 tbs. of cake batter, and top with 1 tsp. of jam mixture. Spoon remaining batter on top to cover jam mixture completely.
Bake for 18-22 minutes or until cake springs back to the touch. Cool completely. Top with whipped cream and a cherry before serving.
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