Prepare the red velvet cake mix according to the package and bake in a 13×9 pan. Place the white chocolate chips in a microwave safe bowl and heat in 30 second intervals until completely melted.
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Once the chocolate is completely melted, combine with the condensed milk stirring until completely combined and smooth.
After the cake has cooled, poke holes with the handle of a wooden spoon in rows. Pour the sweetened condensed milk mixture over the cake and push gently into the holes.
Place cake in the refrigerator for at least 30 minutes to set. After the cake chills for 30 minutes, top with cream cheese frosting and return to the refrigerator until ready to serve.
Before serving, top the cake with white chocolate curls and the sprinkles.