Line a baking sheet with parchment paper or a cookie sheet with wax paper.
Place Oreos in a stand mixer with paddle attachment.
Mix at low speed until all of the Oreos are crushed into a fine Oreo crumble.
Add softened cream cheese to the mixing bowl.
Mix on medium speed until a soft dough forms.
Cover the dough in plastic wrap and place in the fridge for at least 30 minutes.
Remove the dough from the fridge and roll into tablespoon-sized balls.
Place the balls in the freezer for 1 hour to chill.
Melt the chocolate wafers in separate microwave-safe bowls. Heat in 15-30 second intervals, checking and stirring each time so that the chocolate doesn't burn.
Remove the cake balls from the freezer and dip them in the melted chocolate.
Place excess chocolate in a freezer bag, snip off the tip, and drizzle different colored chocolate over the balls. Immediately top with festive sprinkles.
Place the chocolate balls in the fridge and allow them to harden completely before serving.