Preheat oven to 350°F/177°C. Spray a 9"x13" baking dish with non-stick baking spray and set aside.
Prepare the white cake mix according to the box directions and in addition, stir in the 1 Tablespoon of Christmas sprinkles.
Pour the cake mix into the prepared baking pan. Bake in the preheated oven for 30-35 minutes until a toothpick inserted into the center of the cake comes out clean.
Cool the cake for 20 minutes on a wire cooling wrack.
While the cake cools, make the jello. In a medium-sized mixing bowl, combine 1 cup boiling water with the cherry jello and stir until dissolved.
Whisk in ½ cup cold water into the cherry gelatin and set aside.
In a separate, medium-sized mixing bowl repeat the above process with the lime jello and set aside.
Once the cake is cool, use the end of a wooden spoon or a large straw and poke holes all over the cake.
Spoon the jello in the holes, alternate red in one hole, and green in another until they are all filled.
Cover the cake with aluminum foil. Refrigerate the cake for 3-4 hours to set.
Frost the cake with the whipped topping.
Decorate the cake with more sprinkles and Christmas peeps.
Slice and serve.