Heat oven to 350. Place king-size paper baking cup in each of 6 king-size muffin cups.
Make cake mix as directed on box, using water, oil and eggs. Fold 1 cup of the candy sprinkles. Divide batter evenly among muffin cups.
Bake 24 to 26 minutes or until toothpick inserted in center comes out clean. Cool 10 minutes; remove from pans to cooling racks. Cool completely.
Spoon frosting into decorating bag fitted with a 1/2-inch star tip; pipe frosting generously on tops of cupcakes to look like whipped cream. Top each with 1 cherry and 2 teaspoons remaining sprinkles. Insert candy straws in frosting.