Crush cereal into very small pieces and place onto a cookie sheet. Using your hands, roll approximately 1 cup of ice cream shaped like a ball through the cereal. Make sure the ice cream is completely coated with the cereal. Place ice cream onto a jelly roll pan. Cover with plastic wrap and freeze for 2 hours, or until firm. (They can also be frozen overnight ,if needed.)
Heat oil in deep fat fryer. With a metal slotted spoon, lower each ice cream ball individually into the hot grease for approximately 5-10 seconds. You don't want the ice cream to melt, but do want the cereal to turn light brown.
Place into serving bowls. Top with non-dairy whipped topping and a cherry or any other sundae toppings that you desire.