PREHEAT oven to 350° F. Grease or paper-line 30 muffin cups.
COMBINE cake mix, pudding mix, sour cream, eggs, vegetable oil and water in large mixer bowl; beat on low speed just until blended. Beat on high speed for 2 minutes. Stir in morsels. Pour into prepared muffin cups, filling 2/3 full.
BAKE for 25 to 28 minutes or until wooden pick inserted in center comes out clean. Cool in pans for 10 minutes; remove to wire racks to cool completely. Frost; decorate with candy sprinkles.