PREPARATION:

1. Preheat oven to 375°F. Line 36 standard (2-1/2-inch) muffin cups with paper liners; set aside.
2. Beat cake mix, water and peppermint extract, if desired, in large bowl with electric mixer at low speed 30 seconds. Increase speed to medium and beat 1 minute.
3. Pour half of batter into medium bowl; carefully stir in 9 drops red food coloring. In each muffin cup, alternate spoonfuls of white and pink batter, filling baking cups 3/4 full.
4. Bake 11 minutes or until cupcakes are golden with deep cracks on top. Remove to wire rack. Cool completely.
5. Divide whipped topping between three small bowls. Add 2 drops green food coloring to one bowl of whipped topping; stir gently to combine. Add 2 drops red food coloring to one bowl of whipped topping; stir gently to combine. Frost cupcakes with red, green and white whipped topping as desired. Refrigerate leftovers.