For cupcakes: Preheat the oven to 350 degrees F. Line 24 (2 1/2-inch) muffin cups with paper liners; set aside.
In a large mixing bowl, beat the cake mix, butter, eggs, and cranberry-cherry juice with an electric mixer on low for 30 seconds. Scrape down side of bowl. Beat for 2 minutes on medium. Spoon 2 tablespoons batter into each prepared muffin cup. Spoon 1 teaspoon cherry pie filling on batter in each cup and top with another 1 tablespoon cupcake batter.
Bake for 12 to 16 minutes or until a toothpick inserted in the cupcakes comes out clean. Cool cupcakes in muffin cups on a wire rack for 5 minutes. Remove cupcakes from muffin cups and cool completely on wire rack.
For frosting: Place the white baking chips in a medium bowl; set aside. In a small saucepan, heat the heavy cream and corn syrup over medium heat until nearly boiling. Pour the hot mixture over the white baking chips; stir until completely smooth. Let stand for 10 minutes. Stir the cream mixture into the white frosting until well mixed; set aside.
In a small microwave-safe bowl, microwave the semisweet chocolate chips on medium for 2 minutes, stirring every 30 seconds. Place the maraschino cherries on paper towels to dry. Dip each dry cherry into melted semisweet chocolate and place on waxed paper-lined baking sheet until chocolate hardens.
Frost each cupcake with white chocolate frosting and top with a chocolate-covered cherry.
Excerpted from the book Sandra Lee Bake Sale Cookbook by Sandra Lee