Bake cake according to directions on box. Let cool completely.
With a stand mixer or electric mixer, mix together cream cheese and butter until combined. Add in powdered sugar and vanilla and mix until combined. Transfer to a bowl and set aside.
Add your cake in pieces to the stand mixer and mix until crumbly. Add in the frosting mix until combined
Using a cookie scoop or spoon, roll into 1 1/2 inch balls and place on a baking sheet. Place in freezer for 30 minutes to chill.
In a small bowl add about a cup of chips or melting wafers and heat in the microwave for 1 minute and stir, then heat in 30 second intervals and stir until completely melted.
Remove 1/2 of the cake balls from freeze, keeping the other half nice and cold until ready to roll. Place a cake ball in the melted chocolate roll around. Using a skewer or toothpick immediately remove the cake ball and place onto a baking sheet. Sprinkle with colorful sprinkles. Makes approximately 50 cake balls
*You can use store bought frosting you will only need about 1/2 the container