1Heat oven to 350°F. Place paper baking cup in each of 24 regular-size muffin cups. Make and bake cake batter as directed on box for 24 cupcakes. Cool in pans 10 minutes; remove from pans to cooling rack. Cool completely, about 30 minutes. (Save 4 cupcakes for another use.)
2For each remaining cupcake, peel off paper liner; spread 1 tablespoon hot fudge topping on cupcake. Place cupcakes in waffle bowls. Top each with dollop of whipped cream topping, the sprinkles and a cherry.