Beat the butter, vanilla, cream cheese and egg until the mixture is fairly smooth. Beat in the cake mix and then mix in as much food coloring as you desire.
Chill the batter for at least 30 minutes in the refrigerator.
Preheat the oven to 350 degrees, and while the oven is preheating, roll the cookie dough into about one-inch balls and then roll them in a bowl of either powdered sugar or sprinkles. Place the balls about two inches apart on a cookie sheet.
Bake for 10 to 12 minutes, or until the edges of the cookies start to brown.
Let them cool for a bit to set up before transferring them to an airtight container for storage.