Preheat the oven to 350°F. Grease and flour a 9x13 inch baking pan.

In a large mixing bowl, combine the cake mix, water, vegetable oil, and eggs. Mix until well combined and smooth.

Pour the batter into the prepared baking pan and bake for 25-30 minutes, or until a toothpick inserted in the center comes out clean.

Allow the cake to cool completely in the pan, then crumble it into a large bowl.

Add the cream cheese frosting to the crumbled cake and mix until fully combined. The mixture should be moist and hold together when rolled into balls.

Using your hands, roll the mixture into 1-inch balls and place them on a baking sheet lined with parchment paper.

Freeze the cake balls for at least 30 minutes to firm up.

In a microwave-safe bowl, combine the white chocolate chips and coconut oil. Microwave in 30-second intervals, stirring in between, until melted and smooth.

Dip each frozen cake ball into the melted white chocolate, allowing any excess to drip off.

Immediately sprinkle red and blue sprinkles over the coated cake balls before the chocolate sets.

Place the decorated cake balls back on the parchment-lined baking sheet and refrigerate until the chocolate is fully set, about 30 minutes.