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Preheat oven to 350°F. Beat cake mix, sour cream, water, cocoa powder, oil, food color, eggs and vanilla in large bowl with electric mixer on low speed just until moistened, scraping sides of bowl frequently. Beat on medium speed 2 minutes.
Pour batter into 24 paper-lined muffin cups, filling each cup 2/3 full.
Bake 20 minutes or until toothpick inserted in center of cupcake comes out clean. Cool in pan 10 minutes. Remove from pans; cool completely on wire rack. Frost with cream cheese frosting. Decorate with sprinkles.