Mix muffin mix with cheese and set aside. Combine corn, peppers and cold water. Stir to blend. Pour this mixture into dry mixture and mix thoroughly. Pour batter into lightly greased or sprayed 9x13 inch baking dish. Bake at 300 degrees (250 degrees convection) for one hour or until toothpick inserted in the center comes out clean. Brush top with melted margarine or butter. Cut into squares and serve. Serves 18-24 people.