Bake cake according to package instructions. Allow to cool.
Using a fork, poke holes in the top of the cake.
Mix together the blue and red gelatin each with 1 cup of boiling water until dissolved, and then spoon each color gelatin over the cake, making sure to pour over the holes. The best way to do this is a row of blue, then a row of red, alternating so you get a colorful mix of red and blue in the cake. Spoon over each row 2-3 times for good coverage.
Next, in a blender or food processor mix together cream cheese, red velvet pudding mix, milk and frozen strawberries. Mix until smooth. Pour this layer over the top of the cake, and then freeze for 4 hours or overnight.
Top with whipped cream and colorful sprinkles, slice and serve.