Preheat your oven to 350°F and give a 9×13-inch cake pan a light greasing. For easy cleanup, line a half-sheet pan with parchment paper or a silicone baking mat and set it aside.
In a large mixing bowl, combine the cake mix, water, oil, and eggs as directed on the package. Pour the batter into the prepared cake pan and bake according to the package instructions—usually around 30 minutes at 350°F—until a toothpick inserted into the center comes out with just a few moist crumbs.
Let the cake cool completely before moving on to the next step.
Once cooled, use your hands to crumble the cake into fine crumbs. Add the softened cream cheese and mix thoroughly with your hands or a spatula until fully incorporated. The mixture should start to clump together when it's well combined.
Scoop out about 1.5-inch portions using a heaping tablespoon or a small cookie scoop (#50). Squeeze the mixture together, then roll it between your hands to form smooth, round cake balls.
Place them on a parchment or silicone-lined baking sheet—you should have around 48 truffles in total.
Chill the truffles in the fridge for 30 minutes or in the freezer for 15 minutes. Be careful not to chill them longer than this, or the coating may crack once set.
While the truffles are chilling, melt the white vanilla wafers according to the package directions. Place a cake ball on the tip of a fork, then use a spoon to pour the melted coating over the top, making sure to go over it twice for full coverage.
Gently tap or shake off any excess. Use a toothpick to slide the coated truffle off the fork and back onto the lined baking sheet. Let the vanilla coating set completely.
For a decorative touch, melt about ⅓ to ½ cup of red candy melts following the package instructions.
Transfer the melted candy into a zip-top bag and snip a tiny corner. Drizzle over the truffles in a back-and-forth motion, then pop them in the fridge until firm. Enjoy!