2 (4 oz.) pkgs. Baker's German's sweet chocolate
3 tbsp. water
2 (3 oz.) pkgs. cream cheese, softened
2 c. confectioners' sugar
1 tsp. vanilla
3 1/2 c. thawed Birds Eye Cool Whip whipped topping
2 baked 9 inch chocolate cake layers, cooled and split into 4 layers

Stir chocolate with water over low heat until melted. Beat into cream cheese with mixer. Beat in sugar and vanilla. Blend 1/3 with topping; reserve 1 cup for decorating and fill layers with remaining mixture. Frost top and sides with chocolate frosting. Decorate with reserved topping mixture, sprinkles, and cherries. Store cake in refrigerator.