Preheat oven to 350°F (175°C). In a large bowl, combine cake mix, eggs, vegetable oil, and water until smooth. Pour into a greased baking pan and bake per package instructions until golden brown.

Allow the cake to cool completely before crumbling it into fine pieces in a large bowl.

Mix in 1/2 cup frosting until well combined and holds together when squeezed.

Shape into 1-inch balls and place on a parchment-lined baking sheet. Freeze for 30 minutes.

Melt chocolate according to package instructions. Dip each cake ball into melted chocolate, allowing excess to drip off, then roll in sprinkles.