PREPARE cake batter and bake in 24 paper-lined medium muffin cups as directed on package. Cool in pan 10 min. (Do not remove from pan.)
STIR boiling water into dry gelatin mixes in medium bowl at least 2 min. until completely dissolved. Pierce cupcakes with large fork or wooden skewer at 1/2-inch intervals. Spoon gelatin evenly over cupcakes. Refrigerate at least 4 hours or overnight.
REMOVE cupcakes from pan. Spread each with 1 Tbsp. of the whipped topping. Place 1 ice cream cone, tip-end up, on top of each cupcake. Spread remaining whipped topping evenly over cones. Sprinkle with the colored sugar and sprinkles. Store in refrigerator.