Prepare the cake batter according to package instructions. Divide batter into 5 bowls. Put a few drops or more of food coloring in each bowl and stir (I used Wilton Performance Color System). Pour into small, greased pans. I used aluminum foil loaf pans (8"x3.5"). Bake in a preheated 350°F oven for about 20 minutes or until a toothpick inserted in middle comes out clean. Let cool. Crumble cake into 5 separate bowls. Stir in a generous ⅓ cup of frosting into each bowl (recipe follows). Stir well. Form into balls and place on a cookie sheet. Refrigerate for 1-2 hours.
For the cake
Preheat oven to 350°F. Grease 5 (6-inch) round cake pans with non-stick cooking spray (I used Wilton Easy Layers cake pans which are non-stick). Place about 15 chilled cake balls in each pan. (You will have some leftover balls which you can store in the refrigerator in a sealed container for eating later.) Pour about 1 cup of batter into each of the prepared pans and distribute batter evenly. Add a little more, if needed. Bake in preheated oven for 20 minutes or until a toothpick stuck in the middle of the cake comes out clean. Let cool.
For the frosting
Beat softened butter on medium speed with an electric or stand mixer. Beat for 3 minutes until smooth and creamy. Add powdered sugar, cream, and vanilla extract with the mixer running on low. Increase to high speed and beat for 3 minutes. Note: If the frosting is too thick, you can add a little more cream. Just add one tablespoon at a time, then mix thoroughly until you get the consistency you like.
To decorate
Use a knife to slice off the domed tops of each cake (you can save and eat later). Fill and frost the cakes with a thin layer of frosting. Refrigerate for a couple of hours. Then frost the cake with a smooth finish. I used the Wilton Angled Spatula and the Wilton Icing Smoother to frost the cake. I used the Wilton Disposable Pastry Bag fitted with a Wilton #4B Pastry Tip to pipe buttercream onto the top of the cake. I used Wilton Sprinkles to decorate the cake. Slice and enjoy. To get 24 servings, slice cake into 12 pieces (like cutting a pie). Then cut each of the 12 pieces in half since each slice is very tall. Store leftover cake in the refrigerator, covered, for up to a week. It tastes the best in the first few days.