Add the cream cheese to a medium sized mixing bowl. Using a hand mixer, whip until the cream cheese is smooth & creamy.
Add the butter to the mixing bowl, and whip again until smooth & creamy.
Add the cake mix, extract, and sugar to the mixing bowl and mix again until everything's evenly incorporated and the batter's smooth.
Add 1/2 cup of the sprinkles to the batter, and fold in using a spatula.
Shape the cake batter into a rough ball shape, then transfer it to an oerly large piece of plastic wrap. Wrap the plastic wrap around the ball to seal, then shape the batter into a better ball shape.
Refrigerate the cake batter cheese ball for at least an hour, but up to overnight.
Add the remaining sprinkles to a large plate, and spread them out in an even layer.
Remove the chilled cheese ball from the fridge, unwrap it, and roll it in the sprinkles- pressing them in as needed to cover any bare spots.
Chill the finished cheese ball for 30 minutes, then serve with the dipping options of your choice.