Preheat oven to 350 degrees F. Line 2 (12-muffin) tins with cupcake papers; set aside.
In a large bowl, mix together cake mix, water, and oil. Use a hand held electric mixer and mix on medium speed for about 1 minute. Scrape sides of bowl and add both bottles of sprinkles. Mix for another 30 seconds.
Use a ladle to fill each lined muffin cup 2/3 of the way full. Using oven mitts, place cupcakes in preheated oven and bake for 21 to 26 minutes or until a toothpick inserted into center of cupcake comes out clean with no wet batter. Use oven mitts to remove from oven and let cool completely before frosting, about 15 minutes.
Once cool, spread 2 tablespoons frosting on each cupcake. Using various gel colors, start in the middle of the cupcake, make circles outwards to the edge of the cupcake Begin at the edge of the cupcake and drag the tip of a toothpick to the center of the cupcake to make a spider web effect. Repeat this step, turning cupcake as you go.