In a large bowl, add in the corn cereal or rice cereal, cheerios, and pretzels. Stir to mix up the cereals and pretzels.
In a separate microwave-safe bowl, add in the red velvet candy melts or white chocolate chips. Red candy melts will do, if you can't find red velvet flavored candy melts.
Microwave for 30 seconds and then stir. Repeat the microwaving and stirring 4 more times until chocolate is completely melted.
Pour the melted chocolate over top of the cereal and pretzels. Stir to cover all of the cereal.
In a separate small bowl, stir together the powdered sugar, cake mix and sprinkles.
Add the powdered sugar and cake mix to the chocolate covered cereal and pretzels and stir until the all the cereal is covered.
Add the M & M's to the mix and serve in a pretty dish.
Notes
To store any leftover Red Velvet Puppy Chow, place in a mason jar or air tight container and store at room temperature for up to 3-5 days.