1Heat oven to 350°F (325°F for dark or nonstick pan). Place paper baking cup in each of 24 regular-size muffin cups.
2Beat cake mix, water, oil and eggs in large bowl on low speed 30 seconds, then on medium speed 2 minutes, scraping bowl occasionally. Divide batter evenly among muffin cups. Bake cupcakes 15 to 20 minutes or until toothpick inserted in center comes out clean. Cool in pans 10 minutes; remove from pans to cooling rack. Cool completely, about 30 minutes.
3Frost cupcakes and decorate with sprinkles.