Bake red velvet cake according to package directions. Let cool completely then crumble into a very large bowl. In a separate large bowl, cream together butter and cream cheese until smooth. Add vanilla then beat until combined. Add powdered sugar, 1/2 cup at a time, then beat until combined. Incorporate half the cream cheese frosting into the cake crumbles, then add more frosting until the cake crumbles just come together. Scoop by the Tablespoon then roll into balls and place on a wax-paper lined baking sheet. Repeat with remaining cake then refrigerate for 1-2 hours.

Melt semi-sweet chocolate in a microwave-safe bowl in 30 second increments, stirring between increments, until smooth. Dip cake balls in chocolate using two forks, then place back on wax paper. Melt white chocolate in 20 second increments, stirring between increments, then use a spoon to drizzle over cake balls. Sprinkle with colored sprinkles, if desired, then refrigerate until chocolate is hardened.