Liberally spray a 9x13" baking dish with non-stick cooking spray. Mix up and bake the white cake in the dish, according to the package instructions for it. Remove the cooked cake, and let completely cool.
Use the end of a wooden spoon to poke evenly out over the cake.
In separate bowls, mix together the red and blue jello, each with one cup of boiling water. Spoon half (reserving the other half) of the jello mixture evenly out over the cake, making sure to pour and spread over the holes. For best presentation results, do a row of blue, then red, and repeat.
Next, in two separate bowls, add 8 oz of cream cheese, 1/4 cup of the sugar, and the remainder of the red to one bowl, and the blue to the other. Stir to completely combine. When smooth, add food coloring- as needed- to make the mixture more vibrant.
Spread the red cream cheese mixture out evenly over the cake, then the blue. Chill for an hour.
Spread the whipped topping evenly out over the top of the cake. Chill for 4 hours.
Sprinkle with the festive sprinkles right before serving. Slice and enjoy!