Prepare the cake according to directions on the package (or use your favorite red velvet cake recipe to make it from scratch). When the cake is cool, crumble it into a large mixing bowl. 

Add about 1/2 cup of the frosting. Use a large spoon to mix it into the crumbled cake. The "dough" should be moist and hold its shape when it is rolled into a ball. Don't add more frosting than necessary because the dough will become too soft and gooey. 

Roll the cake mixture into 1 1/2" balls and place on a cookie sheet covered with wax paper. Cover with plastic wrap and chill in refrigerator for a few hours or overnight. 

When the cake balls are chilled and firm, melt the almond bark in a medium-sized bowl according to directions on the package. Take a few cake balls out of the refrigerator at a time and use a toothpick to dip the cake ball. Shake off excess coating and place on another wax paper-covered cookie sheet. Add sprinkles and let harden. Repeat until you run out of almond bark or cake balls. I prefer to store them in the refrigerator.