HEAT oven to 350° F. Insert paper baking cups into muffin pan. Prepare cake mix according to package directions using water, oil and eggs. Stir in chocolate chips. Fill paper baking cups 2/3 full with batter. Bake 18 to 22 minutes or until toothpick inserted in the center comes out clean. Cool completely.
USING a serrated knife, carefully cut off tops of cupcakes, even with top of paper cup; remove. Spread frosting on tops. Using a melon ball scoop, carefully remove center of cupcake, leaving the edges intact. Repeat with all the cupcakes.
USE melon ball scoop to scoop ice cream; fill each cupcake base with a small scoop of ice cream. Lift cupcake tops carefully using a table knife and place on top of cupcake bases. Dollop each with whipped topping. Decorate with candy bits. Top with cherry. Serve immediately or freeze until ready to serve. Remove frozen cupcakes from freezer 5 minutes before serving.